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EFT in India
What does EFT stand for in the context of Indian banking?
EFT stands for Electronic Funds Transfer, referring to the electronic movement of money from one bank account to another without any physical exchange of currency.
What is the primary objective of Electronic Fund Transfer systems in India?
To transfer funds electronically between bank accounts securely.
Which was India's first EFT system introduced by the Reserve Bank of India?
The Reserve Bank of India introduced the Electronic Funds Transfer (EFT) system in 1995, which was later replaced by the National Electronic Funds Transfer (NEFT) system.
Which year was RTGS system launched in India?
RTGS was launched in India in 2004.
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