![]() ![]() ^ 'National Electronic Funds Transfer System - Procedural Guidelines'.^ 'Overview of Payment Systems in India'.The destination banks receive the inward remittance messages from the Clearing Centre and pass on the credit to the beneficiary customers’ accounts.ĩ28 million National Electronic Funds Transfers (NEFT) transactions worth ₹60 trillion (US$870 billion) were made in 2014-15 as against 661 million transactions worth ₹44 trillion (US$640 billion) the previous year. ![]() Thereafter, bank-wise remittance messages are forwarded to the destination banks through their pooling centre (NEFT Service Centre). The Clearing Centre sorts the funds transfer transactions destination bank-wise and prepares accounting entries to receive funds from the originating banks (debit) and give the funds to the destination banks (credit).The pooling centre forwards the message to the NEFT Clearing Centre (operated by National Clearing Cell, Reserve Bank of India, Mumbai) to be included for the next available batch.The originating bank branch prepares a message and sends the message to its pooling centre (also called the NEFT Service Centre).This facility is also available through online banking, and some banks also offer the NEFT facility through ATMs. The remitter authorizes his/her bank branch to debit his account and remit the specified amount to the beneficiary. The customer fills an application form providing details of the beneficiary (like name, bank, branch name, IFSC, account type and account number) and the amount to be remitted. ![]()
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