What does 'NEFT' stand for in the Indian payment systems?

💡 Solution & Explanation

NEFT stands for National Electronic Funds Transfer, which is an electronic payment system operated by the Reserve Bank of India to facilitate one-to-one fund transfers across bank branches nationwide. It operates on a deferred net settlement basis in distinct hourly batches throughout the day and night. Other options list incorrect expansions that do not correspond to the official terminology defined by the central bank.