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NEFT, or National Electronic Funds Transfer, plays a crucial role in facilitating the movement of funds between different banks. This system enables individuals to transfer money from one bank account to another, regardless of their geographical location. However, it is important to note that banks and their branches must be a part of the NEFT network to support such transactions. In simpler terms, NEFT serves as a digital bridge connecting banks and their customers for secure and speedy fund transfers.
