National Electronic Fund Transfer

National Electronic Fund Transfer – Electronic Fund Transfer (National Electronic Transfer system was introduced in 2005.) 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. The EFT system presently covers all the branches of the 27 public sector banks and 55 scheduled commercial banks at the 15 centres. Funds transfer is possible from any branch of these banks at these centres to other branch of any bank at these centres both inter-city and intra-city.