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

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The Reserve Bank of India (RBI) has decided to do away with its charges levied on transactions processed in the real time gross settlement system (RTGS) and national electronic funds transfer (NEFT) systems. The Central bank has also asked banks to pass the benefits to their customers who use RTGS and NEFT for payment transactions.

RBI Removes RTGS, NEFT Transfer charges: reserve bank of India levies minimum charges on banks for transactions routed through its RTGS and NEFT. RBI Removes Online Transaction Charges on NEFT.

The Reserve Bank. with the charges levied on fund transfers through RTGS and NEFT. The central has also asked the banks to pass on the benefits to customers, a move that will boost digital.

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.

After announcing its decision to waive all charges on fund transfer through RTGS and NEFT systems from 1 July, the RBI had also asked banks to pass on the benefits to customers from the same day. On.

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

Mumbai: 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 on the benefits to customers.

The Reserve Bank levies minimum charges on banks for transactions routed through its RTGS meant for the large-value instantaneous fund transfers and NEFT Systems for other fund transfers. This move by RBI will make money transfer through RTGS and NEFT cheaper.

The State Bank of India (SBI) currently charges between Re 1 and Rs 5 for NEFT transactions and between Rs 5 and Rs 50 for RTGS 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.