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Governance - Coggle Diagram

- - - - Electronic funds transfer
        
        defined under Payment and Settlement System Acts, 2007
        
        transfer of funds initiated by a person by way of instruction, authorisation or order to a bank to credit or debit an account maintained with that bank via electronic menans
        
        includes Pos, ATM, Card payment etc
        
        faster system of debits and credits where money value transferred electronically from one account to other across banks
    - - RTGS
        
        in 2004
      - NEFT by RBI
        
        objective
        
        to establish an EFT system
        
        to relieve stress on paper based fund transfer and clearing system
        
        to facilitate an efficient,secure, economical,reliable and expeditious system of funds transfer
      - further strengthened by NPCI
        
        Into
        
        an initiative of RBI and Indian Banks association under Payment and settlement systems act,2007
        
        NPF under Companies Act, 1956
        
        Enabled a superhighway( an extensive electronic network for i.e used for rapid transfer of info) digital payments in India
        
        umbrella org for operating retail payments and settlement systems in India
        
        BIS in 2019 endorsed the NPCI model
        
        to create robust payment and settlement Infra in India