Talk:National Electronic Funds Transfer
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Requested move 10 March 2016[edit]
- The following is a closed discussion of a requested move. Please do not modify it. Subsequent comments should be made in a new section on the talk page. Editors desiring to contest the closing decision should consider a move review. No further edits should be made to this section.
The result of the move request was: moved. Unopposed request. Number 57 17:06, 18 March 2016 (UTC)
National Electronic Fund Transfer → National Electronic Funds Transfer – actual name has 's' in it -- Pankaj Jain Capankajsmilyo (talk · contribs · count) 03:46, 10 March 2016 (UTC)
- The above discussion is preserved as an archive of a requested move. Please do not modify it. Subsequent comments should be made in a new section on this talk page or in a move review. No further edits should be made to this section.
Since Apiril 2016 , The Indian Banks have 2 Saturdays Holiday and on the 2 Working Saturdays , NEFT operates the whole day from 8 am to 7 pm , Kindly update the times in the relevant sections — Preceding unsigned comment added by 120.63.195.95 (talk) 11:34, 1 October 2016 (UTC)
Settlement Procedure in Banks[edit]
The following text has been cut out from the article. It is quite badly written, and I'm also not sure what purpose it really serves with regards to the article. The original author can be contacted if necessary.
- == Settlement Procedure in Banks ==
- The balance in your bank account at any point of time is the amount that your bank owes you. You have maintained that money in your bank (as savings/current account) and your bank is obliged to pay you that amount on demand. Thus, these are also called demand deposits.
- The bank obviously has a master data (a ledger) to record how much does it owe to whom. When your friend, who has an account in the same bank, transfers some money to you, the accounting is easy for the bank - just reduce the amount from your friend's balance and add it to yours. The net amount that the bank owes both of you together remains the same.
- Complications arise when there is an interbank transfer. Suppose, you have an account in SBI, while your friend's account is in ICICI. He transfers a thousand rupees to you. Your balance increases by 1000, his balance decreases by the same. But wait! Your bank - SBI - now owes you a thousand more than what you had ever deposited, while ICICI owes your friend a thousand less for no good reason! Thus, ICICI must pay SBI a thousand bucks to regularize the transaction, else where would SBI pay you from if & when you try withdrawing your balance?
- This transfer between banks is known as settlement. Settlement takes place at RBI level. Remember, the central bank is a banker to the banks. Each bank has a running account with the Reserve Bank of India. When your friend transfers a thousand rupees from his account at ICICI to your account at SBI, the same amount is debited from ICICI's account at RBI and credited to SBI's account. The payment and settlement is thus complete.
If there's anything of value here, feel free to salvage. -- ADTC Talk Ctrb 06:27, 26 October 2017 (UTC)