Provides an impetus to digital funds movementIn order to provide an impetus to digital funds movement, the Reserve Bank of India has decided that with effect from 1 July 2019, processing charges and time varying charges levied on banks by Reserve Bank of India (RBI) for outward transactions undertaken using the RTGS system, as also the processing charges levied by RBI for transactions processed in NEFT system will be waived by the Reserve Bank.
The banks are advised to pass on the benefits to their customers for undertaking transactions using the RTGS and NEFT systems with effect from 1 July 2019.
The RBI had announced in its Second Bi-monthly Monetary Policy Statement on Developmental and Regulatory Policies for 2019-20 dated 06 June 2019 on the subject. The RBI has since reviewed the various charges levied by it on the member banks for transactions processed in the RTGS and NEFT systems.
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