National Electronic Funds Transfer System Procedural ...

National Electronic Funds Transfer System Procedural guidelines Reserve Bank of India Department of Payment & Settlement Systems Central Office, Mumbai April 2011 Contents Sl. Subject 1. Introduction 2. Objective 3. Definitions a) acceptance b) Bank c) Beneficiary d) Beneficiary Bank / Branch e) NEFT Clearing Centre f) NEFT SFMS message g) NEFT Service Centre h) NEFT System i) Execution j) Funds Transfer k) Nodal Department l) Notified m) Originator / Sender n) Participating Bank o) Payment Instruction p) Public Sector Bank q) Reserve Bank of India r) Security Procedure s) Sending / Originating Bank t) Settlement Account u) Valid Reasons of Non-payment v) SFMS Message w) Credit x) IFSC 4 Coverage 5 Procedure for Participation a) Admission b) Suspension c) Withdrawal from Participation d) Cancellation of Letter of Admission 6 Process Flow a) Request for NEFT by Bank Customer / Any Person b) Data Entry at the Sending Bank Branch c) Processing / Data Upload at Sending NEFT Service Centre d) Transmission / Submission of NEFT Message to the NEFT Clearing Centre e)

In these Procedural Guidelines, unless the context otherwise requires : (a) "Acceptance" means execution of payment instruction. (b) "Bank" means a banking company as defined in Section 5 of the Banking Regulation Act, 1949, and includes the State Bank of India, constituted by the

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  Guidelines, Payments, Acceptance

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