Central Banking

Reserve Bank of India writes to banks about electronic payments


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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: