Country's
largest bank SBI charges between Re 1 and Rs 5 for transactions
through NEFT and between Rs 5 and Rs 50 for RTGS route.
The
Reserve
Bank of India Thursday said it has done away with charges on fund
transfers through RTGS and NEFT routes to boost digital transactions
and asked banks to pass on the benefits to customers.
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 up to Rs 2 lakh.
Country's
largest bank SBI charges between Re 1 and Rs 5 for transactions
through NEFT and between Rs 5 and Rs 50 for RTGS route.
In
its statement on developmental and regulatory policies after the
Monetary Policy Committee's meeting, the RBI said it levies minimum
charges on banks for transactions routed through RTGS
and NEFT system for other fund transfers.
Banks,
in turn, levy charges on their customers.
In
order to provide an impetus to digital funds movement, it has been
decided to do away with the charges levied by the RBI for
transactions processed in the RTGS and NEFT systems, it said.
"Banks
will be required, in turn, to pass these benefits to their customers.
Instructions to banks in this regard will be issued within a week,"
the central bank said.
Meanwhile,
the RBI has decided to set up a committee to review the charges
levied on the use to ATMs as the usage by the public has been growing
significantly.
"There
have, however, been persistent demands to change the ATM charges and
fees," the RBI noted.
In
order to address these, it has been decided to set up a committee
involving all stakeholders, under the chairmanship of the Chief
Executive Officer, Indian Banks' Association (IBA), to examine the
entire gamut of ATM charges and fees.
The
Committee is expected to submit its recommendations within two months
of its first meeting, RBI Governor Shaktikanta Das told reporters
here. The composition and terms of reference of the committee will be
issued within a week, the central bank said.
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