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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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Fund transfer through RTGS and NEFT systems have become cheaper from today after the Reserve Bank of India decided on its recent Monetary Policy Meet that it will not impose additional charges on.
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RBI has waived all charges on fund transfer through RTGS, NEFT.The central bank has asked all commercial banks to pass on the benefits to customers Explore e-paper New
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).
Earlier in its June policy, the RBI had 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.
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.
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.
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.
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.