NEFT / RTGS / ECS / NACH / AePS NEFT (National Electronic Fund Transfer) The National Electronic Fund Transfer (NEFT) system is a nation-wide system that facilitates individuals, firms and corporates to electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country. For being part of the NEFT funds transfer network, a bank branch has to be NEFT-enabled. NEFT operates on all days of the Year, including Holidays. NEFT operates in half-hourly batches every day. RTGS (Real Time Gross Settlement) Real Time Gross Settlement (RTGS) is a funds transfer mechanism where transfer of money takes place from one bank to another on a 'real time' and on 'gross' basis. This is the fastest possible money transfer system through the banking channel. RTGS is a large value (minimum value of transaction should be ₹ 2,00,000.00) funds transfer system. Customers can access the RTGS facility between 7 am to 6:00 pm on Monday to Saturday (Except 2nd and 4th Saturday) IFSC IFSC (Bangiya Gramin Vikash Bank) : PUNB0RRBBGB [ PUNB(zero)RRBBGB ] NACH (National Automated Clearing House) NACH (National Automated Clearing House) is a funds clearing platform set up by NPCI (National Payments Corporation of India) similar to the existing ECS of RBI. NACH (Debit) & NACH (Credit) aims at facilitating interbank high volume, low value debit/credit transactions, which are repetitive in nature, electronically using the NPCI service. ECS (Electronic Clearance Service) Electronic Clearance Service (ECS) scheme provides an alternative method of effecting bulk payment transactions like periodic (monthly/ quarterly/ half-yearly/ yearly) payments of interest/ salary/ pension/ commission/ dividend/ refund by Banks/Companies /Corporations /Government Departments. The transactions under this scheme move from a single User source (i.e. Banks/Companies /Corporations /Government Departments) to a large number of Destination Account Holders (Customers/Investors). This scheme obviates the need for issuing and handling paper instruments and thereby facilitates improved customer service by the Banks and Companies/Corporations/Government Departments effecting bulk payments. AePS ( Aadhaar Enabled Payment System ) In order to further speed track Financial Inclusion in the country, Two Working Groups were constituted by RBI on Micro ATM standards and Central Infrastructure & Connectivity for Aadhaar based financial inclusion transactions with members representing RBI, Unique Identification Authority of India, NPCI, Institute for Development and Research in Banking Technology and some special invitees representing banks and research institutions. The working group on Micro ATM standards & Central Infrastructure & Connectivity has submitted its report to RBI. As a part of the working group it was proposed to conduct a Lab level Proof of concept (PoC), integrating the authentication & encryption standards of UIDAI, to test the efficacy of MicroATM standards and transactions using Aadhaar before they are put to actual use. The PoC was successfully demonstrated at various venues. AePS is a bank led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication.AePS allows you to do six types of transactions. The only inputs required for a customer to do a transaction under this scenario are:- a. Bank Name b. Aadhaar Number c. Fingerprint captured during enrollment.