A) National Electronics Funds Transfer
B) National Electronics File Transfer
C) National Elected Fund Transfer
D) National Elected File Transfer
E) Non Electronic Fund Transfer
Correct Answer: A
Solution :
NEFT stands for National Electronics Funds Transfer. It is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches. It is a nation-wide payment system facilitating one-to-one funds transfer.
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