Banking: Latest Trends

Lesson

Part 1: moving money electronically — RTGS, NEFT, IMPS, online drafts — and e-banking.

In this lesson you will

Part 1 at a glance

Concept

What you need for an electronic transfer

Table of details needed for an electronic transfer and why each is needed
To send money electronically you need…	Why
Beneficiary's name and account number	To credit the right account
IFSC of the beneficiary's branch	To route the money to the right branch
For IMPS by phone: mobile number and MMID (or account and IFSC)	To identify the payee instantly

Check your understanding

What does the IFSC identify?

Multiple choice1 mark

To send money by NEFT or RTGS, the sender needs the beneficiary's account number, name and the IFSC. IFSC identifies