RTGS, meant for large-value instantaneous fund transfers, and NEFT, for other fund transfers, are operated by the central bank
The Reserve Bank of India (RBI) in its monetary policy meeting on Thursday announced the waiver of certain digital transaction fees and set up a committee to review the long-disputed automated teller machine (ATM) interchange.
Waiver of NEFT, RTGS charges
In order to accelerate digital payments in the country, the RBI decided to remove the charges it levied on transactions done under Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT).
“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,” said the RBI in its Statement on Developmental and Regulatory Policies on Thursday. RTGS, meant for large-value instantaneous fund transfers, and NEFT, for other fund transfers, are operated by the central bank. The RBI levied minimum charges, which the banks would pass on their customers…
Panel formed to review ATM interchange fee structure
The RBI decided to set up a committee involving all stakeholders, under the chairmanship of the chief executive officer of the 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. The composition and terms of reference of the committee will be issued within a week. “Usage of Automated Teller Machines (ATMs) by the public has been growing significantly. There have, however, been persistent demands to change the ATM charges and fees,” it said…
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