Latest GK GS

Updated By: LatestGKGS Desk

RBI Eliminates Charges On RTGS & NEFT Transactions, ATM Charges To Be Reviewed

 

 

RBI Eliminates Charges On RTGS & NEFT Transactions, ATM Charges To Be Reviewed: Details, Highlights

The Reserve Bank of India on 6th June 2019, has eliminated the charges imposed on money transactions & transfers through RTGS and NEFT.

RBI has also set up a Committee to review the charges levied on the use of ATMs by the public.

RBI decision came in a bid to measures economy and deepen and broaden the financial markets.

Currently, RBI levies minimum charges on banks for RTGS and NEFT transactions of fund transfers and Banks in turn levy charges on their customers for the same.

Now, RBI has asked banks that it will have to deliver this benefit to the customers.

The central bank will issue the guidelines and instructions in this regard to banks on 8th June by official notice.

About RTGS and NEFT

RTGS and NEFT are the modes of transferring funds online through mobile banking or internet banking.

RTGS and NEFT are the electronic payment methods that allow the transfer of funds among different banks and are maintained by the RBI and are used within India.

RTGS 'Real Time Gross Settlement'- The RTGS is used for instantaneous fund transfers of large-value. 

NEFT  ‘National Electronic Funds Transfer’- The NEFT System is used for transferring funds up to Rs 2 lakh. The NEFT operates in hourly batches, that is, the settlement of transfer of funds takes place on an hourly basis.


 

Latest Reserve Bank Of India (RBI) Updates

» RBI Issues New Rs 20 Denomination Banknote: Details, Features, Color

» Daily Current Affairs 28th April 2019 GK GS Bulletins

» Daily Current Affairs 25th March 2019 GK GS Bulletins

» SBI New Rules For Customers Comes Into Effect From 1st May 2019

» Lakshmi Vilas Bank merges with Indiabulls Housing

» SBI new cardless ATM withdrawal with YONO Cash


Latest GK GS Updates: