Q.1. What is NEFT?
Ans: 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.
Q.2. Are all bank branches in the country part of the NEFT funds transfer network?
Ans: For being part of the NEFT funds
transfer network, a bank branch has to be NEFT- enabled. The list of
bank-wise branches which are participating in NEFT is provided in the
website of Reserve Bank of India