NEFT, NIP, NIBSS, MICR and Other Banking Acronyms
NEFT, NIP, NIBSS, MICR and Other Banking Acronyms “When doing online banking transactions, I am often asked to use the option of NEFT or NIP. I do not know the meaning of these two abbreviations, and would therefore, appreciate your explanation of them in your blog”. This was an enquiry from one of the readers of our blog, recently. Ordinarily, the above enquiry ought to have been directed to bankers, but owing to the fact that this blog is a forum for interactive teaching, the required explanations on NEFT, NIP and other banking acronyms are provided hereunder: N E F T: NEFT simply stands for National Electronic Funds Transfer. It is a payment system usually used nation-wide, for facilitating one-to-one funds transfer. With this system, one bank account holder can transfer funds electronically from one bank branch to another account holder in any other bank branch within that country or beyond, that is participating in the scheme. NEFT c