Prof. Sibanand Das drove a session on the National Payment interface, terminals, batch settlements, and the roles of commercial banks and regulatory bodies on the 8th day of the MOM programme for the MBA 2022 batch. During the interactive session, the following terms were emphasised: MBA Colleges in Bangalore list
NEFT is an electronic payment system developed by RBI to facilitate the transfer of funds by customers from one bank to another bank in India. There is no timing for NEFT transactions it can be performed 24/7. MBA it colleges in Bangalore
The minimum and maximum amounts for NEFT under Corporate internet banking are as follows.
|Saral-Rs 10 Lakhs
|Vyaapar- Rs50 lakhs
|Vistaar- Rs2000 crores
All the NEFT settlement requests are settled in batches once in half-hour, there are 2 batches of NEFT transactions that take place in a single hour. The NEFT transactions are settled 48 times a day, the settlement begins at 12:30 AM and stops at 12:30 am.
RTGS: (Real Time Gross Settlement)
Real Time Gross Settlement systems are specialist fund transfer systems where the transfer of money or securities takes place from one bank to any other bank on a “real-time” and on a “gross” basis. MBA in data analytics in Bangalore
There is no timing for RTGS it can be performed 24/7.
Minimum and Maximum amount for RTGS transactions under Corporate Internet Banking.
|Vistaar-Rs 2000 crores
With the RTGS method, you can have the payments settled or funds transferred instantly. It is generally used for high-value money transactions and is maintained by the RBI. top 10 MBA colleges in Bangalore
IMPS: (Immediate Payment Service)
Immediate Payment service is an instant interbank electronic funds transfer system in India. IMPS offers an interbank electronic fund transfer service through mobile phones. IMPS service is used to transfer funds within India with denominations of INR only. The maximum amount that can be transferred is Rs 2 Lakhs per transaction. IMPS Inward and Outward transactions are available 24/7.
The class was initially subdivided into various groups. Then a WhatsApp group was created to share the Quiz activity. Followed by a comprehensive learning lecture by Prof. Sibananda Das. Students participated in role-playing of various models of batch settlement of funds transfer. At the end of the session, a Quiz activity was done, and 10 questions were given based on the session. The session was simple and crisp, and the flow of content was well organised. The lecture was thoughtful and practical.
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