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RBI abolish levied charges for online transaction through RTGS, NEFT and IMPS

USNMix Report: Good news from RBI for the common people
to transfer online money. RBI decided that online transaction through RTGS and NEFT will free of cost.

RBI announced its monetary policy on Thursday. In this, the RBI has cut the repo rate by 0.25 per cent. People who make online banking will benefit.

Reserve Bank of India (RBI) announced its monetary policy on Thursday. In this, the RBI has cut the repo rate by 0.25 per cent. Now RBI will provide banks with interest rate of 5.75 per cent instead of 6 per cent. This will benefit the customers in the loan EMIs for bank loan.

RBI abolish levied charges for online transaction through RTGS, NEFT and IMPS

At the same time, the RBI has announced the removal of the fee charged on Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) through online transactions. The direct impact of this decision will be as a benefit to consumers who have online transactions. RBI has said that banks will have to give this benefit to their customers.

Indeed, at present, government and private banks charge customers for IMPS and RTGS services. State Bank of India, the largest bank, charges the fee of Rs 2.5 to Rs 25 for the facility of NEFT. SBI charges a fee of Rs 2.5 for online transfer of up to Rs 10,000 for online transfer and Rs 5 for 10 thousand to 1 lakh rupees.

Apart from this, SBI charges a fee of Rs 15 for sending the amount from Rs 1 lakh to Rs 2 lakh through NEFT. On the money transfers of more than 2 lakh rupees, charge of 25 rupees is charged. Other banks in the country also charge similar fees from customers. There is a timeframe for transfer of existing time funds under NEFT. Money can be transferred to anyone at any time under RTGS and IMPS.

In his statement on developmental and regulatory policies after the meeting of the Monetary Policy Committee, the RBI said that it imposes a minimum fee on the banks through RTGS and NEFT system and banks also charge their customers in exchange for it.

According to the statement, the RBI has decided not to charge the transaction through RTGS and NEFT systems for the purpose of promoting digital transactions. The RBI said, "Banks also have to give the benefit to their customers. In this regard, the guidelines will be issued to the banks within a week. "

Meanwhile, the RBI decided to set up a committee to review the fees imposed on the use of ATMs. The reason is that the number of ATM users is increasing significantly. RBI said, "However, continuous demand for change in ATM fees and rates is being made."

It has been decided to constitute a committee for this. It will be all related parties in the chairmanship of the Chief Executive Officer of the Indian Banks' Association. The committee will review all aspects of ATM fees and rates. RBI governor Shaktikanta Das told reporters here that the committee is expected to give recommendations within two months of its first meeting.

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