In the context of banking, what does 'F' stand for in NEFT?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. Funds.
NEFT is an acronym for National Electronic Funds Transfer. It is an electronic payment system maintained by the Reserve Bank of India (RBI) that allows individuals, firms, and corporations to transfer funds from one bank account to another across the country. Transactions are processed in batches throughout the day.