The two system concerning Inter Bank Transfer-RTGS et al NEFT .Both these systems are maintained through Reserve Bank concerning India.Inter Bank Transfer enables electronic transfer from the account of the remitter in one Bank to the rate of the beneficiary maintained upon any other Embankment branch.
The Real Time Gross Settlement (RTGS)
The Nationwide Electronic Money Transfer (NEFT) systems.
RTGS-Real Future Coarse Settlement -It is a system where the processing of funds transfer takes place at the time they received (Real Time) .And also the settlement like funds transfer instructions occurs individually on an edify by instruction basis (Gross Settlement).RTGS is the fastest possible interbank money transfer facility available through secure banking
NEFT – National Electronic Fund Transfer-This network of fund transfer operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in batches .Presently, NEFT operates in hourly batches .Besides Personal Funds transfer , the NEFT syntax can also be used for a variety of transaction including payment of credit card tax to the card issuing bank. It is necessary to quote the IFSC of the beneficiary card issuing bay to initiate the bill payment transactions using NEFT.
Reserve Bank of India is the central banking institution of India which controls Indian rupee and all banks. It controls inter bank money transfer in universality over India banks, through RTGS and NEFT. Reserve Bank about India is fully owned per jurisdiction of India. IFSC Codes to all the Bank in India are provided by RBI. IFSC code is unique for each branch.
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