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REMITTANCE PRODUCTS
What is a remittance product in the context of retail banking?
A remittance product is a banking service that enables transfer of funds from one person or place to another, either within the country (domestic) or across borders (international), through instruments like demand drafts, NEFT, RTGS, IMPS, or money orders.
What is the minimum transaction limit for NEFT transfers as per RBI?
There is no minimum limit for NEFT transactions.
What does NEFT stand for and which body governs it?
NEFT stands for National Electronic Funds Transfer, and it is governed and operated by the Reserve Bank of India (RBI) as a nationwide payment system for electronic fund transfers between bank accounts.
How many settlement batches does NEFT operate on in a day?
NEFT operates on 48 half-hourly settlement batches daily.
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