Current Affairs · Banking Systems
Which of the following statements about the NEFT (National Electronic Funds Transfer) system is NOT correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1NEFT facilitates cross-border inward/outward remittances with Nepal under the Indo-Nepal Remittance Facility Scheme.
- 2NEFT enables cash remittance for non-account holders through NEFT-enabled branches.
- 3NEFT operates on a real-time basis, where funds are settled continuously item by item.✓
- 4NEFT allows one-to-one fund transfer between banks.
Correct answer
NEFT operates on a real-time basis, where funds are settled continuously item by item.
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