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

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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. The Real time gross settlement system (rtgs) is meant for large-value instantaneous fund transfers.

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.

Mumbai (Maharashtra) [India], June 6 (ANI): In an effort to boost digital payments, the Reserve Bank of India (RBI) on Thursday scrapped charges levied on Real Time Gross Settlement (RTGS) and.

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. In.

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. 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.

The central bank asked consumer banks to pass on this benefit to customers, essentially asking banks to NEFT and RTGS transfers free of cost. There may be even more good news for customers as far as charges on transactions are concerned.

Mumbai: Fund transfer through RTGS and NEFT systems is set to become cheaper from Monday after the Reserve Bank of India (RBI) decided it will not impose any charges on such. Bank of India had also.

RBI scraps charges on NEFT, RTGS transactions, tells banks to pass on benefits to customers Aditi Agrawal By Aditi Agrawal ( @aditi_muses aditi@medianama.com ) June 6, 2019

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.