(NDTV)
The Reserve Bank of India (RBI) has decided to do away with charges levied on Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) payments. “Banks will be required, in turn, to pass these benefits to their customers. Instructions to banks in this regard will be issued within a week,” the central bank said in a statement on Thursday. 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.
In its statement on developmental and regulatory policies after the Monetary Policy Committee’s meeting, 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.
