· Mumbai, Jun 6: 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.

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.

Fund transfer through RTGS and NEFT systems is set to become cheaper from Monday after the Reserve Bank of India decided it will not impose any charges on such transactions. 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.

MUMBAI: The Reserve Bank of India Thursday said it has removed charges on fund transfers through RTGS and NEFT routes to boost digital transactions and asked banks to pass on the benefits to customers.

 · NEW DELHI: The Reserve Bank of India (RBI) on Thursday decided to remove charges on RTGS (real time gross Settlement System) and NEFT (National Electronic funds transfer) transactions. In a notification, the central bank stated that it “levies minimum charges on banks for transactions routed through its Real Time Gross Settlement System (RTGS) meant for large-value.

RTGS, NEFT Free from 1 July: RBI Asks Banks to Pass on Benefits SHARE, SAVE, COMMENT Reserve Bank of India’s Governor Shaktikanta Das sits for a press conference at the RBI headquarters in Mumbai.

The State Bank of India (SBI) currently charges between Re 1 and Rs 5 for NEFT transactions and between Rs 5 and Rs 50 for RTGS 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.

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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.

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