Which transaction facility will be available 24andtimes;7 for customers from December 16, 2019 by Reserve Bank of India (RBI) ?a)Electronic Clearing System (ECS)b)Immediate Payment Service (IMPS)c)National Electronic Funds Transfer (NEFT)d)Real Time Gross Settlement (RTGS)e)None of theseCorrect answer is option 'C'. Can you explain this answer?

EduRev

All Courses

Explore Courses UPSC Exam UPSC Test Series Free Notes EduRev Infinity

Open App

Current Affairs Exam > Current Affairs Questions > Which transaction facility will be available ...

Join the Discussion on the App

Which transaction facility will be available 24×7 for customers from December 16, 2019 by Reserve Bank of India (RBI) ?

a)
Electronic Clearing System (ECS)
b)
Immediate Payment Service (IMPS)
c)
National Electronic Funds Transfer (NEFT)
d)
Real Time Gross Settlement (RTGS)
e)
None of these

Correct answer is option 'C'. Can you explain this answer?

FREE This question is part of

Test: December 2019 Weekly Current Affair - 2

Attempt Test

Attempt this Test

Verified Answer

Which transaction facility will be available 24×7 for customers ...

On December 7, 2019, With a view to promote digital transactions, the Reserve Bank of India (RBI) has allowed the round-the-clock (24×7) transactions facility under the National Electronic Funds Transfer (NEFT) system to customers on all days including weekends and holidays from December 16,2019. This direction was issued by RBI under Section 10(2) read with Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).

View all questions of this test

View all answers Start learning for free

< Previous Question Next Question >

Explore Courses for Current Affairs exam

Similar Current Affairs Doubts

What is the timeline of auto reversal of transaction for a bank, when the amount debited from one card but did not reach another card(card to card transfer) as per new guidelines of Reserve Bank of India(RBI) ?

View answer

With reference to the card payment network companies, consider the following statements:1. The Reserve Bank of India has barred all foreign card payment network companies from taking new customers on board over the issue of storing data in India.2. Under the Payment and Settlement Systems (PSS) Act, 2007 the Union Ministry of Finance is the authority for the regulation and supervision of payment systems in India.Which of the statements given above is/are correct?

View answer

Consider the following statements regarding Open Network for Digital Commerce (ONDC) project.1. ONDC project was announced by the Ministry of Finance to address the issue of digital monopolies on e-commerce platforms.2. It will allow sellers to be discoverable across multiple e-commerce platforms for a wider reach to customers instead of available to customers on only one particular e-commerce platform.Which of the above statements is/are correct?

View answer

Name the mobile app launched by HSBC, to help customers track the status of their trade transactions on a real-time basis.

View answer

In Ladakh, Cooperative Banking Service with Micro ATMs where both deposition and withdrawal of cash can be availed by the users will be introduced in far-flung areas. Micro ATMs are card swipe machines through which banks can remotely connect to their core banking system. This machine comes with a fingerprint scanner attached to it. In other words, micro ATMs are handheld point of sale terminals used to disburse cash in remote locations where bank branches cannot reach. Micro ATMs are similar to point of sale (PoS) terminals and are a doorstep mobile banking arrangement cum-mobile ATM device. Bank will assign a correspondent who will sign up customers in remote areas after verifying their identity (fingerprint can be used as an authentication tool for rural peopl e). The fingerprint and personal details may also be linked to the Aadhaar Card, which will then serve as the ID proof required to withdraw money.Background: In the aftermanth of demonetisation event, Government of India introduced micro ATMs to ensure people can withdraw money.Advantages The cost of deployment of a micro ATM is lesser than that of an ordinary ATM. ATMs need at least 80-100 transactions a day to be viable as they costs several lakhs. A micro ATM costs less than Rs 20,000. It is portable Micro ATM has connectivity through GSM, hence it can travel from village to villageDisadvantages: Micro ATM cannot provide anytime money. Hence if the bank correspondent is unavailable or the shop keeper has shut his shop, the account holder will not be able to undertake any financial transaction. Hence both statements are correct.

View answer

Top Courses for Current AffairsView all

Monthly Yojana & Kurukshetra Magazine (English)

Weekly Current Affairs

General Knowledge

Daily GK & Current Affairs Tests

Daily Hindu Analysis: Video summaries

Top Courses for Current Affairs

View all

Which transaction facility will be available 24×7 for customers from December 16, 2019 by Reserve Bank of India (RBI) ?a)Electronic Clearing System (ECS)b)Immediate Payment Service (IMPS)c)National Electronic Funds Transfer (NEFT)d)Real Time Gross Settlement (RTGS)e)None of theseCorrect answer is option 'C'. Can you explain this answer?

Share with a Friend

Answer this doubt

Question Description
Which transaction facility will be available 24×7 for customers from December 16, 2019 by Reserve Bank of India (RBI) ?a)Electronic Clearing System (ECS)b)Immediate Payment Service (IMPS)c)National Electronic Funds Transfer (NEFT)d)Real Time Gross Settlement (RTGS)e)None of theseCorrect answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Which transaction facility will be available 24×7 for customers from December 16, 2019 by Reserve Bank of India (RBI) ?a)Electronic Clearing System (ECS)b)Immediate Payment Service (IMPS)c)National Electronic Funds Transfer (NEFT)d)Real Time Gross Settlement (RTGS)e)None of theseCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which transaction facility will be available 24×7 for customers from December 16, 2019 by Reserve Bank of India (RBI) ?a)Electronic Clearing System (ECS)b)Immediate Payment Service (IMPS)c)National Electronic Funds Transfer (NEFT)d)Real Time Gross Settlement (RTGS)e)None of theseCorrect answer is option 'C'. Can you explain this answer?.

Solutions for Which transaction facility will be available 24×7 for customers from December 16, 2019 by Reserve Bank of India (RBI) ?a)Electronic Clearing System (ECS)b)Immediate Payment Service (IMPS)c)National Electronic Funds Transfer (NEFT)d)Real Time Gross Settlement (RTGS)e)None of theseCorrect answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for Current Affairs. Download more important topics, notes, lectures and mock test series for Current Affairs Exam by signing up for free.

Here you can find the meaning of Which transaction facility will be available 24×7 for customers from December 16, 2019 by Reserve Bank of India (RBI) ?a)Electronic Clearing System (ECS)b)Immediate Payment Service (IMPS)c)National Electronic Funds Transfer (NEFT)d)Real Time Gross Settlement (RTGS)e)None of theseCorrect answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Which transaction facility will be available 24×7 for customers from December 16, 2019 by Reserve Bank of India (RBI) ?a)Electronic Clearing System (ECS)b)Immediate Payment Service (IMPS)c)National Electronic Funds Transfer (NEFT)d)Real Time Gross Settlement (RTGS)e)None of theseCorrect answer is option 'C'. Can you explain this answer?, a detailed solution for Which transaction facility will be available 24×7 for customers from December 16, 2019 by Reserve Bank of India (RBI) ?a)Electronic Clearing System (ECS)b)Immediate Payment Service (IMPS)c)National Electronic Funds Transfer (NEFT)d)Real Time Gross Settlement (RTGS)e)None of theseCorrect answer is option 'C'. Can you explain this answer? has been provided alongside types of Which transaction facility will be available 24×7 for customers from December 16, 2019 by Reserve Bank of India (RBI) ?a)Electronic Clearing System (ECS)b)Immediate Payment Service (IMPS)c)National Electronic Funds Transfer (NEFT)d)Real Time Gross Settlement (RTGS)e)None of theseCorrect answer is option 'C'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Which transaction facility will be available 24×7 for customers from December 16, 2019 by Reserve Bank of India (RBI) ?a)Electronic Clearing System (ECS)b)Immediate Payment Service (IMPS)c)National Electronic Funds Transfer (NEFT)d)Real Time Gross Settlement (RTGS)e)None of theseCorrect answer is option 'C'. Can you explain this answer? tests, examples and also practice Current Affairs tests.

Explore Courses for Current Affairs exam