IEcoS (Economic Services) Indian Economics Money and Banking-Commercial Banks Terms and Persons (Page 30 of 51)

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National Electronic Funds Transfer (NEFT)

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National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme. NEFT was launched in 2005.

National Payments Corporation of India (NPCI)

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National Payments Corporation of India (NPCI) was created by the RBI in 2007 as an umbrella organization for promoting retail payments in India. Along with the (RBI) , the Indian Banks Association (IBA) also promotional support to NPCI. Besides the RBI and IBA, ten banks have made promotional services to NPCI. These banks are: State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, and Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank N. A. and HSBC. The Corporation has actively promoted several retail payment platforms like the BHIM, UPI, and Aadhar Based Payment Systems etc. The IMPS and National Financial Switch are the other notable contributions of NPCI.