Prior to 1990, we had only Postal Money Orders if we have to send money. Banks issued Demand Drafts. Though they were highly useful those days, they started losing usefulness as te=he years rolled on. Some simpler, faster mode of transmitting was needed and the Govt of India founded the National Payments Corporation of India NPCI in late 1990s. It formulated many rules and regulations with the guidance of RBI and Indian Banks Assn. In 2005s it took shape and India has not turned back after 2005. NEFT / RTGS Year 2005 saw National Electronic Funds Transfer and Real Time Gross Settlement (NEFT and RTGS). The structure of the Banks were standardised - the Cheque Truncation System CTS was evolved with standardisation of Cheque leaves for faster clearing. Each branch of every Bank was allotted a unique Code - Indian Fnancial Systems Code (IFSC). It is a 11 character Code, first 4 alpha (name of the bank) next a zero and the last six the branch code. Using NEFT, one can s...