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

Mumbai: The RBI has removed charges for payments through the real time gross Settlement Sys-tem (RTGS) and the National Electronic Funds Transfer (NEFT) and asked banks to pass on the benefits to.

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To encourage digital payments, the RBI announced that it would remove the charges it levies on banks for transactions through the RTGS and NEFT payment systems, which it operates. Until now, the.

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

The RBI said in its statement that it levies minimum charges on banks for NEFT and RTGS transactions. Banks just pass on that cost to the end consumers. To give impetus to digital funds movement, it has been decided to scrap the charges on NEFT and RTGS systems, said RBI in the statement.

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.

The Reserve Bank of India on Tuesday said it will waive all charges on fund transfer through RTGS and NEFT systems from July 1 and asked banks to pass on the benefits to customers. monetary policy.

RBI scraps charges on NEFT, RTGS transfers, asks banks to pass on benefits: On Thursday, the Reserve Bank of India announced it was waiving off charges that are applied on bank transfers carried.

RBI removes charges on RTGS/NEFT transactions; asks banks to pass on benefits The Real Time Gross Settlement System (RTGS) is meant for large-value instantaneous fund transfers while the National electronic funds transfer (neft) system is used for fund transfers up to Rs 2 lakh.

MUMBAI: The Reserve Bank of India on Tuesday said it will waive all charges on fund transfer through popular RTGS and NEFT systems from July 1 and 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.