SWIFT Financial messages: authentic and universal

The SWIFT financial messages are trusted as the most authentic and universal financial messages world over. SWIFT financial message is also the most convenient and fastest medium through which banks can meet customer’s requirement to send and receive message to and from any countries. Reasons for trusting SWIFT messages by banks and financial institutions: SWIFT stands…

What are RTGS & NEFT transactions

Latest update: RBI on thursday (06.06.2019) informed banks that it has decided to waive charges levied on NEFT & RTGS transactions and accordingly instructed the bank to pass on the benefit to their customers. Instruction on this regard will be issued within a week. Process of RTGS and NEFT RTGS& NEFT transactions are the fastest…

What is internet banking facility?

Gone are the days, when bank customers used to wait for a long spell at the banking hall, for their turn to complete banking transactions.  The internet banking facility introduced in banks has largely reduced the physical entry of the customers to the banks, owing to following advantages. The utmost advantage of internet banking is…

What is ECS credit/debit system?

Electronic Clearing Service (ECS) in bank transaction is a simple, faster and cost effective solution for repetitive bulk transactions. The system was first introduced by Reserve Bank of India in April 1995 to facilitate speedier bulk inter-bank transactions. It is most useful to facilitate repetitive payment transaction such as salary, pension, interest, commission, dividend etc. ECS…