ICF has already introduced the payment of suppliers bills through RBI-EFT system . As the system works well, more and more suppliers prefer to come to the EFT net.
To improve the system of payment further and to utilize the technological advantages, it has been decided to introduce NEFT system shortly.

     How NEFT system an improvement over EFT system
The EFT system is confined to the 15 centres where RBI is providing the facility, where as there is no such restriction in NEFT as it is based on centralised concept. **

     Presently more than 40000 branches of various banks are participating in NEFT. The system also uses the state-of-the-art technology for the communication, security etc and thereby offers better customer service. The beneficiary gets the credit on the same Day or the next Day depending upon the time of settlement. **
For more details about NEFT, please visit www.rbi.org.in

How to Avail this facility?

     Option form for receiving payment through NEFT can be downloaded from ICF website www.icf.gov.in. You are requested to fill up all the columns. The form should be countersigned by your banker for its correctness.

     The form along with a cancelled cheque may be forwarded to “Accounts Officer(Books), O/o.FA&CAO/Shell, Integral Coach Factory, Chennai – 600 038.” for Shell division and “Accounts Officer(Cheques)/Fur, Integral Coach Factory, Chennai-600 038” for Furnishing Division.
All the suppliers and contractors including those availing the payment through EFT system presently are requested to utilize the facility to ensure prompt and speedy disbursements and also to eliminate the risk of loss of cheques in transit and delayed delivery as well.

** Source: www.rbi.org.in