This is the fastest possible money transfer system through the banking channel. The minimum amount to be remitted through RTGS is Rs.1 lakh.
NEFT - National Electronics Funds Transfer
NEFT settlement takes place 6 times a day during the week days (9.00 am, 11.00 am, 12.00 noon. 13.00 hours, 15.00 hours and 17.00 hours) and 3 times during Saturdays (9.00 am, 11.00 am and 12.00 noon).
ECS - Electronic Clearing System
http://www.visa.com
http://www.mastercard.comVisa’s Card Verification Value (CVV / CVV2)
MasterCard’s Card Validation Code (CVC / CVC2)
=> Cardholder Verification is done in a traditional retail environment by reading a card's magnetic stripe with a point-of-sale (POS) terminal and verifiying Visa/Discover's Card Verification Value (CVV) or Mastercard's Card Validation Code (CVC).
=> However, the swipe cannot be validated when the card or a POS reader is not present. The goal of CVN programs are to provide a similar type of verification when the card is not present (online???).
=> The CVN is uniquely associated with the plastic card that is currently issued to the Cardholder. This number is never printed on a receipt or cardholder statement, nor may it be stored in a merchants' computer system. MasterCard refers to the code as CVC2, and Visa as CVV2.
Reference:
http://www.rbi.org.in/SCRIPTs/FAQView.aspx
Payment Systems in India - Vision 2005-08
rbi-plans-new-payment-systems-1
rbi-plans-new-payment-systems-2
Cardholder Verification Number (CVN)
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