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)

National Electronic Funds Transfer (NEFT) System Procedural Guidelines 2011 Reserve Bank of India, Department of Payment and Settlement Systems, CO, Mumbai Page 6 of 29 payment instruction in the encrypted NEFT SFMS message to the NEFT Clearing

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