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)

established by these guidelines for carrying out inter-bank funds transfers within India (and from India to Nepal), and providing for settlement of payment obligations arising out of such funds transfers, among the participating banks. (i) "Execution" of a payment instruction in relation to a sending bank means

Loading..

Tags:

  Guidelines, Transfer

Information

Related search queries