Multiple choice

Which is the first bank to introduce National Electronic Fund Transfer (NEFT) scheme?

  1. State Bank of India

  2. Canara Bank

  3. Corporation Bank

  4. Bharat Overseas Bank

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A Correct answer
Explanation

State Bank of India was the first bank to introduce the National Electronic Fund Transfer (NEFT) scheme. NEFT enables nationwide electronic funds transfer between bank accounts. SBI, being the largest bank, took the lead in implementing this RBI-promoted payment system in the mid-2000s. Canara Bank and Corporation Bank were early adopters but not the first.