Which of the following is not a net banking transfer mode?

Digital cash

The correct answer is option 3- Digital cash.

* Digital Cash is a form of electronic currency that exists only in cyberspace. This type of currency has no real physical properties, but offers the ability to use real currency in an electronic format. First you need to pay to a bank (vide cheque, draft, etc.) an amount equivalent to the digital cash that you want to get issued in your favour. Then the bank dealing in e-cash will send you a special software (you can download on your hard disk) that will allow you to draw digital cash from your account with the bank. You may then use the digital funds to make purchases over the web.

Net-banking Transfer: Modern banks provide to their customers the facility of electronic transfer of funds over the Internet using Immediate Payment Services (IMPS), NEFT and RTGS. In this case, therefore, the buyer may transfer the amount for the agreed price of the transaction to the account of the online vendor who may, then, proceed to arrange for the delivery of goods.

• NEFT- NEFT stands for National Electronic Funds Transfer. It's a nationwide payment system that enables individuals and businesses to electronically transfer funds from one bank account to another in India. NEFT transactions are processed in batches at scheduled intervals throughout the day.

• RTGS- RTGS stands for Real Time Gross Settlement. It's another electronic payment system used for large-value transactions in India. Unlike NEFT, RTGS transactions are processed individually and settle in real-time, meaning the funds are transferred immediately and on a gross basis (transaction by transaction) without any netting off against other transactions.

• IMPS stands for Immediate Payment Service. It's an electronic fund transfer service in India that enables instant interbank transactions on a 24x7 basis throughout the year. It allows customers to transfer funds instantly from their bank accounts using mobile phones or internet banking. It's quite popular due to its convenience and speed.