What are the other features of NEFT?
Ans: Launched in October 2005, NEFT is an electronic payment system that uses a secure mode of transferring funds from one bank branch to another bank branch. NEFT uses the Public Key Infrastructure (PKI) technology to ensure end-to-end security and rides on the INdian FInancial NETwork (INFINET) to connect the bank branches for electronic transfer of funds. The participating banks, branch coverage and transaction volumes have been continuously increasing, which is reflective of the acceptance and popularity of the NEFT system. For further details about the NEFT system and the NEFT Procedural Guidelines – available on the website of Reserve Bank of India at http://www.rbi.org.in/scripts/neft.aspx. – may also be referred.
