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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.
Last month, the RBI had waived charges that it levies on banks for processing RTGS and NEFT payments. The central bank had also asked lenders to pass on the benefits of the waiver to their customers..
The Reserve Bank of India Thursday announced it was waiving off charges that are applied on bank transfers carried out either by National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement System (RTGS). The central bank asked consumer banks to pass on this benefit to customers, essentially asking banks to NEFT and RTGS transfers.
The Reserve Bank of India on Thursday decided to scrap charges levied on digital transactions through Real-Time Gross Settlement system, or RTGS, and National Electronic Funds Transfer, NEFT, in.
· The Reserve Bank of India (RBI) 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 customers Business newsR: Thursday, 6 June 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.
· 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 reduced.
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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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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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