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Direction: Read the following text and answer the questions that follow:
Shipra Oswal is a software professional working in T.K.Industries Ltd. at Kerala. Her parents are residing in Agra. Due to family emergency, her father asked her to send ` 4 lakhs in his saving bank account in SBI at the earliest. Shipra is having her bank account with Bank of Baroda but she has not opted for digital payment system or e-banking services. She approached her bank manager Mr. Vivek Mishra, for remittance of the amount to her father’s account. He told her that she can adopt Electronic Fund Transfer options: RTGS or NEFT.He advised her to apply for virtual banking services enlisting its benefits and started her mobile banking services from the same day. Shipra successfully transferred the amount to her father using RTGS.
Q. The reason why Shipra chose RTGS, not NEFT is:
- a)Minimum transaction value of NEFT is ₹ 5 lakhs
- b)In RTGS, payment is not subjected to any waiting period
- c)RTGS operates on deferred Net Settlement
- d)In NEFT, payment is not subjected to any waiting period
Correct answer is option 'B'. Can you explain this answer?
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Direction: Read the following text and answer the questions that foll...
The reason why Shipra chose RTGS, not NEFT is that In RTGS, payment is not subjected to any waiting period.
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Direction: Read the following text and answer the questions that foll...
Understanding RTGS and NEFT
When Shipra needed to transfer funds urgently, she opted for RTGS (Real-Time Gross Settlement) instead of NEFT (National Electronic Funds Transfer). The primary reason for this choice lies in the characteristics of the two services.
Key Differences Between RTGS and NEFT
- Immediate Payment:
- RTGS enables immediate fund transfer, as transactions are processed in real-time. Once the transaction is initiated, the funds are credited to the beneficiary's account almost instantly.
- Transaction Limits:
- RTGS has a minimum transaction limit of ₹ 2 lakhs, while NEFT has no minimum limit. However, NEFT transactions are processed in batches and can take longer to complete.
- Settlement Timing:
- RTGS operates continuously during banking hours, ensuring that the payment is settled immediately. In contrast, NEFT transactions are settled in half-hourly batches, which can lead to delays.
Reason for Choosing RTGS
Given that Shipra's father required the funds urgently, she needed a service that would ensure the transfer happened without delay. Therefore, she chose RTGS because:
- Payment is Not Subjected to Any Waiting Period:
- In RTGS, the payment is processed instantly, ensuring that her father receives the funds as quickly as possible, which is crucial in a family emergency.
In summary, Shipra's decision to use RTGS over NEFT was driven by the need for immediate fund transfer, showcasing the importance of understanding the nuances between different electronic payment options.
When Shipra needed to transfer funds urgently, she opted for RTGS (Real-Time Gross Settlement) instead of NEFT (National Electronic Funds Transfer). The primary reason for this choice lies in the characteristics of the two services.
Key Differences Between RTGS and NEFT
- Immediate Payment:
- RTGS enables immediate fund transfer, as transactions are processed in real-time. Once the transaction is initiated, the funds are credited to the beneficiary's account almost instantly.
- Transaction Limits:
- RTGS has a minimum transaction limit of ₹ 2 lakhs, while NEFT has no minimum limit. However, NEFT transactions are processed in batches and can take longer to complete.
- Settlement Timing:
- RTGS operates continuously during banking hours, ensuring that the payment is settled immediately. In contrast, NEFT transactions are settled in half-hourly batches, which can lead to delays.
Reason for Choosing RTGS
Given that Shipra's father required the funds urgently, she needed a service that would ensure the transfer happened without delay. Therefore, she chose RTGS because:
- Payment is Not Subjected to Any Waiting Period:
- In RTGS, the payment is processed instantly, ensuring that her father receives the funds as quickly as possible, which is crucial in a family emergency.
In summary, Shipra's decision to use RTGS over NEFT was driven by the need for immediate fund transfer, showcasing the importance of understanding the nuances between different electronic payment options.
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Direction: Read the following text and answer the questions that follow:Shipra Oswal is a software professional working in T.K.Industries Ltd. at Kerala. Her parents are residing in Agra. Due to family emergency, her father asked her to send ` 4 lakhs in his saving bank account in SBI at the earliest. Shipra is having her bank account with Bank of Baroda but she has not opted for digital payment system or e-banking services. She approached her bank manager Mr. Vivek Mishra, for remittance of the amount to her father’s account. He told her that she can adopt Electronic Fund Transfer options: RTGS or NEFT.He advised her to apply for virtual banking services enlisting its benefits and started her mobile banking services from the same day. Shipra successfully transferred the amount to her father using RTGS.Q. The reason why Shipra chose RTGS, not NEFT is:a)Minimum transaction value of NEFT is ₹ 5 lakhsb)In RTGS, payment is not subjected to any waiting periodc)RTGS operates on deferred Net Settlementd)In NEFT, payment is not subjected to any waiting periodCorrect answer is option 'B'. Can you explain this answer?
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Direction: Read the following text and answer the questions that follow:Shipra Oswal is a software professional working in T.K.Industries Ltd. at Kerala. Her parents are residing in Agra. Due to family emergency, her father asked her to send ` 4 lakhs in his saving bank account in SBI at the earliest. Shipra is having her bank account with Bank of Baroda but she has not opted for digital payment system or e-banking services. She approached her bank manager Mr. Vivek Mishra, for remittance of the amount to her father’s account. He told her that she can adopt Electronic Fund Transfer options: RTGS or NEFT.He advised her to apply for virtual banking services enlisting its benefits and started her mobile banking services from the same day. Shipra successfully transferred the amount to her father using RTGS.Q. The reason why Shipra chose RTGS, not NEFT is:a)Minimum transaction value of NEFT is ₹ 5 lakhsb)In RTGS, payment is not subjected to any waiting periodc)RTGS operates on deferred Net Settlementd)In NEFT, payment is not subjected to any waiting periodCorrect answer is option 'B'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Direction: Read the following text and answer the questions that follow:Shipra Oswal is a software professional working in T.K.Industries Ltd. at Kerala. Her parents are residing in Agra. Due to family emergency, her father asked her to send ` 4 lakhs in his saving bank account in SBI at the earliest. Shipra is having her bank account with Bank of Baroda but she has not opted for digital payment system or e-banking services. She approached her bank manager Mr. Vivek Mishra, for remittance of the amount to her father’s account. He told her that she can adopt Electronic Fund Transfer options: RTGS or NEFT.He advised her to apply for virtual banking services enlisting its benefits and started her mobile banking services from the same day. Shipra successfully transferred the amount to her father using RTGS.Q. The reason why Shipra chose RTGS, not NEFT is:a)Minimum transaction value of NEFT is ₹ 5 lakhsb)In RTGS, payment is not subjected to any waiting periodc)RTGS operates on deferred Net Settlementd)In NEFT, payment is not subjected to any waiting periodCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: Read the following text and answer the questions that follow:Shipra Oswal is a software professional working in T.K.Industries Ltd. at Kerala. Her parents are residing in Agra. Due to family emergency, her father asked her to send ` 4 lakhs in his saving bank account in SBI at the earliest. Shipra is having her bank account with Bank of Baroda but she has not opted for digital payment system or e-banking services. She approached her bank manager Mr. Vivek Mishra, for remittance of the amount to her father’s account. He told her that she can adopt Electronic Fund Transfer options: RTGS or NEFT.He advised her to apply for virtual banking services enlisting its benefits and started her mobile banking services from the same day. Shipra successfully transferred the amount to her father using RTGS.Q. The reason why Shipra chose RTGS, not NEFT is:a)Minimum transaction value of NEFT is ₹ 5 lakhsb)In RTGS, payment is not subjected to any waiting periodc)RTGS operates on deferred Net Settlementd)In NEFT, payment is not subjected to any waiting periodCorrect answer is option 'B'. Can you explain this answer?.
Direction: Read the following text and answer the questions that follow:Shipra Oswal is a software professional working in T.K.Industries Ltd. at Kerala. Her parents are residing in Agra. Due to family emergency, her father asked her to send ` 4 lakhs in his saving bank account in SBI at the earliest. Shipra is having her bank account with Bank of Baroda but she has not opted for digital payment system or e-banking services. She approached her bank manager Mr. Vivek Mishra, for remittance of the amount to her father’s account. He told her that she can adopt Electronic Fund Transfer options: RTGS or NEFT.He advised her to apply for virtual banking services enlisting its benefits and started her mobile banking services from the same day. Shipra successfully transferred the amount to her father using RTGS.Q. The reason why Shipra chose RTGS, not NEFT is:a)Minimum transaction value of NEFT is ₹ 5 lakhsb)In RTGS, payment is not subjected to any waiting periodc)RTGS operates on deferred Net Settlementd)In NEFT, payment is not subjected to any waiting periodCorrect answer is option 'B'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Direction: Read the following text and answer the questions that follow:Shipra Oswal is a software professional working in T.K.Industries Ltd. at Kerala. Her parents are residing in Agra. Due to family emergency, her father asked her to send ` 4 lakhs in his saving bank account in SBI at the earliest. Shipra is having her bank account with Bank of Baroda but she has not opted for digital payment system or e-banking services. She approached her bank manager Mr. Vivek Mishra, for remittance of the amount to her father’s account. He told her that she can adopt Electronic Fund Transfer options: RTGS or NEFT.He advised her to apply for virtual banking services enlisting its benefits and started her mobile banking services from the same day. Shipra successfully transferred the amount to her father using RTGS.Q. The reason why Shipra chose RTGS, not NEFT is:a)Minimum transaction value of NEFT is ₹ 5 lakhsb)In RTGS, payment is not subjected to any waiting periodc)RTGS operates on deferred Net Settlementd)In NEFT, payment is not subjected to any waiting periodCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: Read the following text and answer the questions that follow:Shipra Oswal is a software professional working in T.K.Industries Ltd. at Kerala. Her parents are residing in Agra. Due to family emergency, her father asked her to send ` 4 lakhs in his saving bank account in SBI at the earliest. Shipra is having her bank account with Bank of Baroda but she has not opted for digital payment system or e-banking services. She approached her bank manager Mr. Vivek Mishra, for remittance of the amount to her father’s account. He told her that she can adopt Electronic Fund Transfer options: RTGS or NEFT.He advised her to apply for virtual banking services enlisting its benefits and started her mobile banking services from the same day. Shipra successfully transferred the amount to her father using RTGS.Q. The reason why Shipra chose RTGS, not NEFT is:a)Minimum transaction value of NEFT is ₹ 5 lakhsb)In RTGS, payment is not subjected to any waiting periodc)RTGS operates on deferred Net Settlementd)In NEFT, payment is not subjected to any waiting periodCorrect answer is option 'B'. Can you explain this answer?.
Solutions for Direction: Read the following text and answer the questions that follow:Shipra Oswal is a software professional working in T.K.Industries Ltd. at Kerala. Her parents are residing in Agra. Due to family emergency, her father asked her to send ` 4 lakhs in his saving bank account in SBI at the earliest. Shipra is having her bank account with Bank of Baroda but she has not opted for digital payment system or e-banking services. She approached her bank manager Mr. Vivek Mishra, for remittance of the amount to her father’s account. He told her that she can adopt Electronic Fund Transfer options: RTGS or NEFT.He advised her to apply for virtual banking services enlisting its benefits and started her mobile banking services from the same day. Shipra successfully transferred the amount to her father using RTGS.Q. The reason why Shipra chose RTGS, not NEFT is:a)Minimum transaction value of NEFT is ₹ 5 lakhsb)In RTGS, payment is not subjected to any waiting periodc)RTGS operates on deferred Net Settlementd)In NEFT, payment is not subjected to any waiting periodCorrect answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce.
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Here you can find the meaning of Direction: Read the following text and answer the questions that follow:Shipra Oswal is a software professional working in T.K.Industries Ltd. at Kerala. Her parents are residing in Agra. Due to family emergency, her father asked her to send ` 4 lakhs in his saving bank account in SBI at the earliest. Shipra is having her bank account with Bank of Baroda but she has not opted for digital payment system or e-banking services. She approached her bank manager Mr. Vivek Mishra, for remittance of the amount to her father’s account. He told her that she can adopt Electronic Fund Transfer options: RTGS or NEFT.He advised her to apply for virtual banking services enlisting its benefits and started her mobile banking services from the same day. Shipra successfully transferred the amount to her father using RTGS.Q. The reason why Shipra chose RTGS, not NEFT is:a)Minimum transaction value of NEFT is ₹ 5 lakhsb)In RTGS, payment is not subjected to any waiting periodc)RTGS operates on deferred Net Settlementd)In NEFT, payment is not subjected to any waiting periodCorrect answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Direction: Read the following text and answer the questions that follow:Shipra Oswal is a software professional working in T.K.Industries Ltd. at Kerala. Her parents are residing in Agra. Due to family emergency, her father asked her to send ` 4 lakhs in his saving bank account in SBI at the earliest. Shipra is having her bank account with Bank of Baroda but she has not opted for digital payment system or e-banking services. She approached her bank manager Mr. Vivek Mishra, for remittance of the amount to her father’s account. He told her that she can adopt Electronic Fund Transfer options: RTGS or NEFT.He advised her to apply for virtual banking services enlisting its benefits and started her mobile banking services from the same day. Shipra successfully transferred the amount to her father using RTGS.Q. The reason why Shipra chose RTGS, not NEFT is:a)Minimum transaction value of NEFT is ₹ 5 lakhsb)In RTGS, payment is not subjected to any waiting periodc)RTGS operates on deferred Net Settlementd)In NEFT, payment is not subjected to any waiting periodCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for Direction: Read the following text and answer the questions that follow:Shipra Oswal is a software professional working in T.K.Industries Ltd. at Kerala. Her parents are residing in Agra. Due to family emergency, her father asked her to send ` 4 lakhs in his saving bank account in SBI at the earliest. Shipra is having her bank account with Bank of Baroda but she has not opted for digital payment system or e-banking services. She approached her bank manager Mr. Vivek Mishra, for remittance of the amount to her father’s account. He told her that she can adopt Electronic Fund Transfer options: RTGS or NEFT.He advised her to apply for virtual banking services enlisting its benefits and started her mobile banking services from the same day. Shipra successfully transferred the amount to her father using RTGS.Q. The reason why Shipra chose RTGS, not NEFT is:a)Minimum transaction value of NEFT is ₹ 5 lakhsb)In RTGS, payment is not subjected to any waiting periodc)RTGS operates on deferred Net Settlementd)In NEFT, payment is not subjected to any waiting periodCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of Direction: Read the following text and answer the questions that follow:Shipra Oswal is a software professional working in T.K.Industries Ltd. at Kerala. Her parents are residing in Agra. Due to family emergency, her father asked her to send ` 4 lakhs in his saving bank account in SBI at the earliest. Shipra is having her bank account with Bank of Baroda but she has not opted for digital payment system or e-banking services. She approached her bank manager Mr. Vivek Mishra, for remittance of the amount to her father’s account. He told her that she can adopt Electronic Fund Transfer options: RTGS or NEFT.He advised her to apply for virtual banking services enlisting its benefits and started her mobile banking services from the same day. Shipra successfully transferred the amount to her father using RTGS.Q. The reason why Shipra chose RTGS, not NEFT is:a)Minimum transaction value of NEFT is ₹ 5 lakhsb)In RTGS, payment is not subjected to any waiting periodc)RTGS operates on deferred Net Settlementd)In NEFT, payment is not subjected to any waiting periodCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Direction: Read the following text and answer the questions that follow:Shipra Oswal is a software professional working in T.K.Industries Ltd. at Kerala. Her parents are residing in Agra. Due to family emergency, her father asked her to send ` 4 lakhs in his saving bank account in SBI at the earliest. Shipra is having her bank account with Bank of Baroda but she has not opted for digital payment system or e-banking services. She approached her bank manager Mr. Vivek Mishra, for remittance of the amount to her father’s account. He told her that she can adopt Electronic Fund Transfer options: RTGS or NEFT.He advised her to apply for virtual banking services enlisting its benefits and started her mobile banking services from the same day. Shipra successfully transferred the amount to her father using RTGS.Q. The reason why Shipra chose RTGS, not NEFT is:a)Minimum transaction value of NEFT is ₹ 5 lakhsb)In RTGS, payment is not subjected to any waiting periodc)RTGS operates on deferred Net Settlementd)In NEFT, payment is not subjected to any waiting periodCorrect answer is option 'B'. Can you explain this answer? tests, examples and also practice Commerce tests.
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