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Q 1518201109.     Many a time we read in newspaper about the benefits of National Electronic Funds Transfer (NEFT), a dlivery service launched by the bank. Why do banks advocate for such delivery channels?
(1) It is a system in which no physical transfer takes place, hence risk is very low.
(2) In this system banks are not required to transfer any money actually to the account of the customer. Only book
adjustment is done. Hence actual fund is not needed.
(3) This facility is available to anybody at any place. Even having a bank account is not at all necessary.
(Provided By a Student and Checked/Corrected by EXXAMM.com Team)