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In Indian banking, what are RTGS and IFSC?
1. Remittance To Guided Settlement, Internal Financial System Call
2. Remittance To Guided Settlement, International Financial System Call
3. Real Time Gross Settlement, Indian Financial System Code
4. Real Time Guided System, International Financial System Code

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Correct Answer - Option 3 : Real Time Gross Settlement, Indian Financial System Code

The correct answer is Real Time Gross Settlement, Indian Financial System Code.

  • The Indian Financial System Code (IFS Code or IFSC) is an alphanumeric code that facilitates electronic funds transfer in India.
  • A code uniquely identifies each bank branch participating in the three main Payment and settlement systems in India: the National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS), and Immediate Payment Service (IMPS) systems.
  • The RTGS system is primarily meant for large value transactions.
  • The minimum amount to be remitted through RTGS is ₹ 2,00,000/- with no upper or maximum ceiling.
  • RTGS, transactions are processed continuously throughout the RTGS business hours.
  • All the bank branches in India are not RTGS enabled. Presently, there are more than 100,000 RTGS enabled bank branches.

  • Abbreviations are most frequently used in the banking sector. Examples include
  1. ATM – Automated Teller Machine
  2. HDFC – Housing Development Finance Corporation
  3. ICICI – Credit and Investment Corporation of India
  4. IFSC – Indian Financial System Code
  5. INR – Indian Rupee
  6. NEFT – National Electronic Funds Transfer
  7. RTGC – Real-Time Gross Settlement
  8. RBL – Ratnakar Bank Limited

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