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.

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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.

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

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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 Reserve Bank of India (RBI) has decided to do away with its charges levied on transactions processed in the real time gross settlement system (RTGS) and national electronic funds transfer (NEFT) systems. The Central bank has also asked banks to pass the benefits to their customers who use RTGS and NEFT for payment transactions.

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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.

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.

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.