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Are all bank branches in the country part of the NEFT funds transfer network?

April 26, 2017Bank branches country funds neft Network transfer

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Are all bank branches in the country part of the NEFT funds transfer network?

2 Answers

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Ans: For being part of the NEFT funds transfer network, a bank branch has to be NEFT-enabled. As at end-September 2010, little over 70,000 branches / offices of 99 banks in the country (out of around 80,000 bank branches) are NEFT-enabled. Steps are being taken to further widen the coverage both in terms of banks and branches / offices.

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Ans: For being part of the NEFT funds transfer network, a bank branch has to be NEFT-enabled. As at end-January 2011, 74,680 branches / offices of 101 banks in the country (out of around 82,400 bank branches) are NEFT-enabled. Steps are being taken to further widen the coverage both in terms of banks and branches / offices.