Central Banking

Reserve Bank of India writes to banks about electronic payments

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The Reserve Bank of India (RBI) has asked banks in India to accept National Electronic Funds Transfer (NEFT) electronic transfers for credit to loan accounts, following complaints from customers.

The NEFT payments system allows funds to be transferred electronically and is meant for one-to-one funds transfers. It can be used for transferring funds to beneficiaries "and no restrictions have been placed thereon," according to the central bank. Launched in 2005, the central bank said the system had

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