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Repost from KEEP PRACTICING 🤓📚
🌸What is RTGS ?
💁♂RTGS (Real Time gross Settlement) is a fund transfer technology used by banks for same bank or interbank fund transfer. Contrasting NEFT or RTGS, transferring funds with RTGS is instantaneous and more nominal with regard to the costs incurred.
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🌸What is KYC ?
💁♂KYC (Know Your Customer) is a procedure that all banks undergo in order to establish the correct identity of a customer. This is to ensure that no fraudulent operations are taking place in the bank.
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