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Mumbai, Jun 12 (UNI) The Reserve Bank of India (RBI) has said it will waive all charges on fund transfer through popular RTGS and NEFT systems from July 1, 2019 in order to provide an impetus to the digital fund movement.
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 of up to Rs 2 lakh.
“The banks are advised to pass on the benefits to their customers for undertaking transactions using the RTGS and NEFT systems with effect from July 1, 2019,” the central bank said in a notification.
Following up on the announcement made on June 6 after the bi-monthly monetary policy review, the RBI said it has reviewed the various charges levied by it on the member banks for transactions processed in the RTGS and NEFT systems.
RBI levies processing charges and time varying charges on banks for outward transactions through the RTGS and NEFT.