Securitisation
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Retail Banking and Wealth Management — JAIIB.
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Step 1?
Customer fills the NEFT application form with beneficiary details (name, account number, IFSC) and amount.
Step 2?
Originating branch creates a structured message and forwards it to its NEFT Service Centre (pooling centre).
Step 3?
Pooling centre routes the message to the NEFT Clearing Centre (operated by RBI) for the next batch.
Step 4?
Clearing Centre sorts transactions destination-bank-wise, debits the originating bank and credits destination banks.
Step 5?
Destination banks pull inward messages and credit beneficiary accounts.
Step 1?
Customer requests the bank to debit his account and pay the beneficiary, providing beneficiary bank account details.
Step 2?
Originating bank debits the account and creates a structured RTGS message.
Step 3?
Message is authenticated and transmitted to the bank's payment system gateway.
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