Economics • Banking & FinanceEasy
In the context of the Indian banking system, what does the acronym 'NEFT' stand for?
A. National Electronic Funds Transfer✓ Correct Answer
B. National Economy Financial Transmission
C. Net Electronic Foreign Trade
D. New Electronic Fund Termination
💡 Solution & Explanation
National Electronic Funds Transfer denotes the secure nationwide payment mechanism established and maintained by the Reserve Bank of India for retail banking transactions. The other options introduce fabricated terms that do not correspond to any official central banking transfer infrastructure in the country. Banking acronyms are regular features in aptitude and general awareness tests.
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