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RBI announces waiver of charges on NEFT and RTGS from 1 July

Capital Market 

Provides an to digital funds movement

In order to provide an to digital funds movement, the has decided that with effect from 1 July 2019, processing charges and time varying charges levied on banks by (RBI) for outward transactions undertaken using the 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 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 and NEFT systems.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 12 2019. 11:04 IST