India has two main electronic funds settlement systems for one to one transactions: the Real Time Gross Settlement (RTGS) and the National Electronic Funds Transfer (NEFT) systems. Transactions which are bulk and repetitive in nature are routed through electronic clearing service (ECS) which is further of two categories viz ECS-Credit (one debit and multiple credits e.g. Salary, Dividends) and ECS- debit (one credit and multiple debits e.g. bill payments, SIPs etc.). Local ECS scheme is provided in 81 centres and the Regional ECS scheme at 9 centres across India while the National ECS scheme is operated at Mumbai.
Posts about Neft
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    Matt Owen/ Econsultancyin Google How To's- 2 readers -
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