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

RBI has done away with RTGS and NEFT routes to boost digital transactions and has asked banks to pass on the benefits. This comes as a major good news for bank customers. Country’s largest bank SBI.

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.

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.

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.

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.

RBI has removed charges for NEFT, RTGS payments. It has asked banks to pass on benefits to customers. RBI has removed charges for payments via NEFT and RTGS and asked banks to pass on the benefits to customers. This means that payments via NEFT and RTGS would become either free or charges would be drastically [.]

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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Banks will be required, in turn, to pass these benefits. RBI said in a statement. The Reserve Bank levies minimum charges on banks for transactions routed through its RTGS and NEFT. Banks, in turn,

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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.