Waiving off Charges on NEFT and RTGS
The Reserve Bank of India (RBI) vide its circular on ‘National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) systems – Waiver of charges’ dated 11.06.2019, has decided that with effect from July 1, 2019, processing charges and time varying charges levied on banks by RBI for outward transactions undertaken using the RTGS system, as also the processing charges levied by RBI for transactions processed in NEFT system would be waived by the Reserve Bank.
The banks are also advised by RBI to pass on the benefits to their customers for undertaking transactions using RTGS and NEFT systems. This waiver of processing and time varying charges by RBI on banks will reduce the cost of RTGS and NEFT transactions and will give fillip to digital fund movement.
As apprised by RBI, total number of online transactions including Real Time Gross Settlement (RTGS), Electronic Clearing Service (ECS), National Electronic Fund Transfer (NEFT), Immediate Payment Service (IMPS), National Automated Clearing House (NACH), Unified Payment Interface (UPI) (including Bharat Interface for Money (BHIM) and Unstructured Supplementary Service Data (USSD)), Prepaid Payment Instruments (PPIs), Credit Cards at Point of Sale (PoS) and online, Debit Cards at Point of Sale (PoS) and online.