RBI scraps charges on NEFT, RTGS transfers, asks banks to pass on benefits

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RBI scraps charges on NEFT, RTGS transactions, tells banks to pass on benefits to customers Aditi Agrawal By Aditi Agrawal ( @aditi_muses aditi@medianama.com ) June 6, 2019

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In a move that gives a big thrust to online fund transfers. to pass on these waived off / reduced charge benefits on RTGS and NEFT to customers. Detail instructions and clarity in this regard will.

In its statement on developmental and regulatory policies after the monetary policy committee’s meeting, the RBI said it levies minimum charges on banks for transactions routed through RTGS and NEFT system for other fund transfers. banks, in turn, levy charges on their customers.

Country’s largest bank SBI charges between Re 1 and Rs 5 for transactions through NEFT and between Rs 5 and Rs 50 for RTGS route The Reserve Bank of India Thursday said it has done away with charges on fund transfers through RTGS and NEFT routes to boost digital transactions and asked banks to pass [.]

The Reserve Bank of India has decided to scrap charges levied on digital transactions through Real-Time Gross Settlement system, or RTGS, and national electronic funds transfer, NEFT, in an effort to boost the "digital funds movement". RBI has also advised banks to pass these benefits to their customers.

Country’s largest bank SBI charges between Re 1 and Rs 5 for transactions through NEFT and between Rs 5 and Rs 50 for RTGS route. In its statement on developmental and regulatory policies after the Monetary Policy Committee’s meeting, the RBI said it levies minimum charges on banks for transactions routed through RTGS and NEFT system for other fund transfers.

The Reserve Bank of India on Thursday said it has done away with charges on fund transfers through RTGS and NEFT routes to boost digital transactions and asked banks to pass on the benefits to.

After announcing its decision to waive all charges on fund transfer through RTGS and NEFT systems from July 1, the Reserve Bank of India (RBI) had also asked banks to pass on the benefits to customers.

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After announcing its decision to waive all charges on fund transfer through RTGS and NEFT systems from July 1, the Reserve Bank of India (RBI) had also asked banks to pass on the benefits to customers.

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