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

RBI has removed charges for NEFT, RTGS payments. It has asked banks to pass on benefits to customers. RTGS is used for transferring high value amounts. The minimum amount that can be currently transferred is Rs 2 lakh. This move will benefit the small traders who deal in small value transactions and.

At present, the RBI levies minimum charges on banks for transactions routed through its RTGS system meant for large-value (Rs 2 lakh and above) instantaneous fund transfers and NEFT System for.

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.

To encourage digital payments, the RBI announced that it would remove the charges it levies on banks for transactions through the RTGS and NEFT payment systems, which it operates. Until now, the.

The Reserve Bank of India 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. monetary.

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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.

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 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.

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.