Payment Systems in India
RTGS: Real Time Gross Settlement
It is a central payment system, through which interbank payment instructions will take the process and settle in real time on Gross basis.
NEFT: National Electronic Funds Transfer
It is a nation-wide fund transfer system which facilitates fund transfer from any bank’s branch to any other bank’s branch.
The difference between NEFT and RTGS is that NEFT settlements happen in batches, and on net settlement basis whereas RTGS is real time and gross settlement.
AEPS: AADHAR Enabled Payment System
It is a payment system which uses Aadhar card number and an individual’s online UIDAI authentication, which will have a link to a customer’s Bank account.
A customer should register his/her Aadhar number to their existing bank account, providing their bank is AEPS enable.
Through AEPS, the customer can withdraw or deposit cash, make a balance enquiry, and transfer funds.
MTSS: Money Transfer Service Scheme
It is a system of money transfer for transferring personal remittances from abroad to beneficiaries in India. Only inward remittance into India is permissible.
Nepal Remittance Scheme
It is a cross-border one-way remittance facility scheme for remittance from India to Nepal.