Q. With reference to the banking system of India, what does NEFT stand for?
Answer: National Electronic Funds Transfer
Notes: NEFT stands for National Electronic Funds Transfer. It is an electronic funds transfer system maintained by RBI that enables bank customers in India to transfer funds between any two NEFT-enabled bank accounts on a one-to-one basis. NEFT settles fund transfers in half-hourly batches with 23 settlements occurring 24×7 in a calendar month.

This question is part of 40000+ MCQs GKToday PCS Mock Tests Series in GKToday Android app. Question Number: 84 in GKToday PCS Mock Test - 330 in above course in App.