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Good News RBI scraps NEFT, RTGS transaction charges, banks to soon pass benefits to customers

Bapun Raz

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  • RBI has done away with the charges levied by the central bank for transactions processed in RTGS and NEFT systems
  • A committee will review ATM charges
Key RBI announcements today:

1) To promote digital transactions, the RBI has decided to abolish charges levied by the central bank for transactions processed in the RTGS and NEFT systems. The Reserve Bank levies minimum charges on banks for transactions routed through its Real Time Gross Settlement System (RTGS) meant for large-value instantaneous fund transfers and the National Electronic Funds Transfer (NEFT) System for other fund transfers.
2) This will make money transfer through RTGS and NEFT cheaper. RBI said that banks will be required to pass the benefits to their customers and instructions to banks in this regard will be issued within a week.
3) The RBI has also decided to review the fees charged for usage of Automated Teller Machines (ATMs). The central bank said that there have been persistent demands to change the ATM charges and fees. So to address these issues, RBI has set up a committee 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.

"This platform would provide transparency of pricing and promote competition among market-makers leading to better pricing for all customers, regardless of order size," the RBI said.

ATM charge review to lower RTGS, NEFT fees for money transfer: Key RBI decisions
 

ramesh sky

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I am very 😡 with the BOI , if I remittance money more than 5 times in a month, they charge ₹50/each remittance, Bro. Last month I lost ₹354. And imps , they no charges. In Canara Bank they charge for imps a small charge above ₹2000 I think.
 
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Esmail

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Who use imps ? You use it ? I guess it's very difficult to remember another set of numbers
Known as mmid
IMPS uses the same IFSC and account number system like NEFT, I have never used MMID. The only benefit of IMPS over NEFT is that it is an immediate transfer just like UPI (NEFT gets cleared in batches) and works even on bank holidays which NEFT doesn't do. IMPS advantage over UPI is that you can transfer up to 2 lakh in a single transaction whereas most banks have a 20 thousand limit on single UPI transaction. Use IMPS once and you won't feel like going back to NEFT.
 
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