NEFT/RTGS charges removed; ATM charges to be reviewed
- IndiaGlitz, [Thursday,June 06 2019]
Reserve Bank of India is making the right moves to encourage digital transactions in consonance with the government policyThe . On Thursday, it issued a circular asking banks to take steps to end RTGS (Real Time Gross Settlement System) and NEFT (National Electronic Funds Transfer) charges.
Hitherto, the banks have been levied a charge by the RBI on NEFT and RTGS transactions. And, in order to recover these costs, the banks have been charging the customers. Now that the RBI has decided to stop levying charges on these transactions, the banks are expected to pass on the benefit to the customers.
There has been a demand from users to either end or rationalize ATM charges/fees. The RBI has formed a committee to look into the matter and make recommendations.
All in all, the latest moves by the RBI bode well for the users of online transactions.