2) This will make money transfer through RTGS and NEFT cheaper. RBI said that banks will be required to pass the benefits to their customers and instructions to banks in this regard will be issued within a week. 3) The RBI has also decided to review the fees charged for usage of Automated Teller Machines (ATMs).
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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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After announcing its decision to waive all charges on fund transfer through RTGS and NEFT systems from July 1, the RBI had also asked banks to pass on the benefits to customers from the same day.
Mumbai: 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.
Mumbai, Jun 6 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.
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.
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Reserve Bank of India (RBI) in its bi-monthly meet of the monetary policy committee (MPC) decided to remove all charges levied on Real Time gross settlement system (rtgs) and National Electronic.
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 Real Time Gross Settlement System (RTGS) is meant for large-value instantaneous fund transfers.
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The central bank asked consumer banks to pass on this benefit to customers, essentially asking banks to NEFT and RTGS transfers free of cost. There may be even more good news for customers as far as charges on transactions are concerned.