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

In its statement on developmental and regulatory policies after the Monetary Policy Committee’s meeting, the RBI said it levies minimum charges on banks for transactions routed through RTGS and NEFT system for other fund transfers. Banks, in turn, levy charges on their customers.

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.

Read more about RBI scraps charges for RTGS and NEFT transactions on Business Standard. In an effort to boost the Digital India initiative Reserve Bank of India on Thursday scraps charges for Real Time gross settlement (rtgs) and National Electronic Funds Transfer (NEFT) transactions.

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RBI has decided to set up a committee to review the charges levied on the use to ATMs. 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 benefits to customers.

Country’s largest bank SBI charges between Re 1 and Rs 5 for transactions through NEFT and between Rs 5 and Rs 50 for RTGS route 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 [.]

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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 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.

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.