Frequently Asked Questions (FAQ) on Electronic Funds Transfer (EFT) System

 Q.1.     What is RBI-EFT System? 

Ans     RBI EFT is a Scheme introduced by Reserve Bank of India (RBI) to help banks offering their customers money transfer service from account to account of any bank branch to any other bank branch in places where EFT services are offered.

Frequently Asked Questions (FAQ) on Electronic Clearing Service-(ECS)

Q.1.     What is Electronic Clearing Service (ECS)?

Ans     It is a mode of electronic funds transfer from one bank account to another bank account using the services of a Clearing House. This is normally for bulk transfers from one account to many accounts or vice-versa. This can be used both for making payments like distribution of dividend, interest, salary, pension, etc. by institutions or for collection of amounts for purposes such as payments to utility companies like telephone, electricity, or charges such as house tax, water tax, etc or for loan installments of financial institutions/banks or regular investments of persons.

Frequently Asked Questions (FAQ) on National Electronic Funds Transfer (NEFT) System

Q.1.     What is NEFT System?

Ans     National Electronic Funds Transfer (NEFT) system is a nation wide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch.

Q. 2.    Are all bank branches in the system part of the funds transfer network?

Ans  No. As on January 31, 2007, 18500 branches of 53 banks are participating. Steps are being taken to widen the coverage both in terms of banks and branches

What is RTGS & How it waor?-FAQ) on (RTGS) System

 Q.1      What is RTGS System?

Ans     The acronym “RTGS” stands for Real Time Gross Settlement. RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a “real time” and on “gross” basis. This is the fastest possible money transfer system through the banking channel. Settlement in “real time” means payment transaction is not subjected to any waiting period.

Highlights of Karnataka Budget Speech - 2014-2015

18^th February, 2014

Highlights of Karnataka Budget Speech - 2014-2015 presented on 14^th February 2014 and amendments proposed in various Commercial Tax & Other Laws:

Karnataka VAT Act, 2003:

Ø  Change in Tax Rates: