Which Electronic Funds Transfer system presently operates in batches?

Homework Help: Questions and Answers: Which Electronic Funds Transfer system presently operates in batches?

a) SWIFT
b) NEFT
c) RTGS
d) IMPS

Answer:

To solve this question, lets understand given each option with respect to banking operation:

a) SWIFT (Society for Worldwide Interbank Financial Telecommunication)

•  This is a messaging network used by financial institutions to securely transmit information and instructions through a standardized system of codes. It is primarily used for international transactions and does not operate in batches.

b) NEFT (National Electronic Funds Transfer)

• This is an Indian system for transferring funds electronically between bank accounts. NEFT operates in batches, typically settled every half-hour.

c) RTGS (Real-Time Gross Settlement)

• This system facilitates continuous and real-time transfer of funds individually rather than in batches.

d) IMPS (Immediate Payment Service)

• This is an instant interbank electronic funds transfer system that operates in real-time and is available 24/7.

Final Answer

Based on the above analysis, the correct answer is:

b) NEFT

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