Government discontinuing guidelines for NEFT
Q. RBI has prevented banks for submitting data for NEFT transactions by walk in customers without an account with them. What does NEFT stand for?- Published on 21 Mar 16a. National Electrical Fund Transfer
b. National Electronic Fund Technology
c. None of the above
d. National Electronic Fund Transfer
ANSWER: National Electronic Fund Transfer
Reserve Bank of India is discontinuing a two year provision where banks have to submit data in association with NEFT transactions by customers who have walked in and do not have an account with them. Bank should continue to maintain relevant records, however adding the necessary details when required.
