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Mr.Kislay Pandey=A Banking Dispute Advocate’s Take on Banks’

Supreme Court of India, Mr Kislay Pandey said, “Any person or corporation owning accounts with a bank can transfer the funds using NEFT mechanism. However, any person who does not have any bank account can also transfer funds through NEFT system in NEFT-ENABLED RBI.

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Mr.Kislay Pandey=A Banking Dispute Advocate’s Take on Banks’

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  1. A Banking Dispute Lawyer explains about NEFT System: NEFT is an abbreviated form of National Electronic Funds Transfer system which is a countrywide payment machinery empowering one-to-one funds transfer. Under this scheme, persons, companies and corporates can transfer funds electronically from any bank branch to any individuals, companies or corporates. A receiver must have an account with any bank branch in the country falling under this scheme. A well-known banking dispute Lawyer in the Supreme Court of India, Mr KislayPandey said, “Any person or corporation owning accounts with a bank can transfer the funds using NEFT mechanism. However, any person who does not have any bank account can also transfer funds through NEFT system in NEFT-ENABLED RBI. However, a person has to fill the form and has to fill details like full name, complete address, telephone number, etc. he cannot transfer funds more than INR 50,000 through NEFT system.”

  2. A Banking Dispute Lawyer explains about NEFT System: A person must have a bank account in a NEFT enabled bank to receive cash transfer through NEFT mechanism. If you don’t have any bank account in any NEFT enabled branch of the country, you cannot receive any funds transfer through NEFT system. Additionally, according to Indo-Nepal Remittance Facility Scheme, the NEFT system also enables one-way cross-border transfer of funds from India to Nepal. A depositor can transfer funds to any of NEFT enabled bank branch of Nepal. If a beneficiary is not maintaining an account with a bank branch in Nepal, this transfer can be possible. A receiver will get money in Nepalese Currency (Nepalese Rupees). Furthermore, there is no minimum or maximum limit on the amount of funds that could be transferred using the NEFT system. However, if you are transferring funds to Nepal under Indo-Nepal Remittance Facility Scheme, the maximum limit is INR 50,000.

  3. A Banking Dispute Lawyer explains about NEFT System: Apart from that, there is no geographical restrictions apply to the NEFT system as it uses core banking system in RBI. All the NEFT transactions, including the settlement of funds between sender and receiver RBI, happen at Mumbai. NEFT system operates just like a normal banking transaction. An individual or corporation who desire to initiate transfer of funds via NEFT has to fill an application form that provides all the details of the beneficiary including name of beneficiary, name of the bank branch, and IFSC code of the bank, account number and type of account. By filling this form, the remitter authorises bank to debit the amount mentioned in the form and transfer the amount to the beneficiary. Nowadays, customers are using net banking facility to transfer the funds online. Some RBI also offer NEFT facilities through ATMs. The bank will prepare a message and send it to its pooling centre (NEFT Service Centre). The pooling centre will forward this transaction message to the NEFT clearing centre which is functioned by National Clearing Cell, Reserve Bank of India, Mumbai) to be amalgamated for the next accessible batch. The clearing centre will complete all the settlements online and the receiving RBI receive the inward transaction message from the Clearing Centre and credit the beneficiary’s account.

  4. A Banking Dispute Lawyer explains about NEFT System: A well-known banking dispute lawyer in the Supreme Court of India, Mr KislayPandey explains what is the NEFT system, how it operates and what are the guidelines and regulations of it.

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