Current Affairs · Banking Regulations
The implementation of Electronic Funds Transfer systems like NEFT and RTGS has revolutionized ancillary remittance services in the Indian banking sector. These systems operate under specific procedural frameworks managed by the Reserve Bank of India. In the context of a failed NEFT transaction where the destination bank is unable to credit the beneficiary account, what is the mandatory timeline for the return of funds to the originating branch to avoid penal consequences?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The destination bank has until the next working day morning to process returns through the first available batch.
- 2The funds should be credited back to the originating bank within two hours of the destination bank realizing that the account cannot be credited.✓
- 3The destination bank must return the money to the originating bank within two hours of the end of the day.
- 4The funds must be returned within two hours of the batch settlement time in which the transaction was processed.
Correct answer
The funds should be credited back to the originating bank within two hours of the destination bank realizing that the account cannot be credited.
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