What is NEFT, RTGS, IMPS and UPI

by
 T.  Jyothicka
(computer science and engineering, IIT Madras)

                                   NEFT,RTGS,IMPS,UPI

online banking

In previous time for transfer money from one bank to another bank you should have to go to bank from that costumers are facing very much problem after some time it is become digital you can transfer fund by NEFT, RTGS,IMPS,UPI then question is coming what is that’s all today we going to discuss abut that all.

NEFT(National Electronic Fund Transfer) – it is launched in 2005 that time engineers had that much resources from that they make it. This made like a bunch if you transfer money from that it will take time more or lees 3 to 4 hour basically happened in they making a bunch that in one hour how much transfer happened and they give it his system then other process are happen. In NEFT you can transfer fund only in working days and working period(8:00am to 6:30pm) only the reason is they do not want any trouble like if it working all time then maybe it will stuck then costumers and bankers all will facing problem.

RTGS(Real Time Gross Settlement) – this also launched in 2005 this made for argent fund transfer suppose and big amount like 2 lakh, 3 lakh or more because they think if we can make bunch of small fund then for bulk and big amount not need to waiting so it was launched this is also working in bank working days and working period(8:00am to 6:30pm) and still this working because so there are so much candidate are available their for RTGS.

IMPS(Immediate Payment Service) – it is launched in 2010.This is also same like RTGS in that also in real time fund will transfer but there is one different in that that is it working all time this not dependent on banking working time and no any limit of money that much can send from that. This not launched by bank it launched by NPCI(National Payments Corporation of India) and they told to bank that if any problem will happened this my responsibility.

in all of that it taking so much time to active then you starting transfer fund and theses are last time updated on 2010 only and theses all process will happened for your bank account secure and any problem will happened automatically the account will go pulling. In short that bunching period is made for your safety from that your account can save from hacked and other illegal activities. Then one another thing is coming it is UPI.

UPI(Unified Payment Interface) – from UPI not need bank account, not need register mobile number, not need IFSC code for that you have make a ID and add to your bank account and transition will happened on basis of your UPI id that’s are managing by NCPI he has on rights to manage it.

Then you will ask now I understand that but physically how to money is transferring? If any time you transfer money from your bank to another here is showing your money was decrease or increased but physically how it is going?

Basically happened in that there are all banks available India these all are working under of RBI(Reserve Bank of India) means RBI is the boss of that all banking. Suppose your account in SBI(State Bank of India) and your friend bank account is in BOI(Bank of India) same like the SBI and BOI bank account is in RBI. These bank taking that much money from us they are again giving to RBI and RBI is giving money again them that much we transferring money in India that all money is living in RBI wallet only. This means RBI is a manager of all bank. If we have real cash and we gone to deposit that in bank and he take that money and give that us in digital from. Ever you thing if all bank holder will go and ask money in one time then what happened no any bank can give that all money them because these all money they gave to someone in loans, some where they invest that money and somewhere because they are also know all are never takeout money together so they are giving pressure to become digital because all money will rounding only in that bank that reason banks are telling did FD from my bank, take loans from here. We are seeing only that if I send money it was gone to another account or not what happened in backend it is doesn’t matter and that’s also okay.