Good News RBI to make NEFT available 24x7 from next year

[Esmail]

Do we really need 3 methods (IMPS, NEFT, RTGS)?
Can't RBI combine everything to a single method?

Basically NEFT and RTGS are under RBI and IMPS and UPI are under NPCI. But yes I agree everything should just be unified into one. UPI is the best since you don't need to disclose your account number or the details of which bank and branch your account is with, also the transfers are immediate and available 24x7.
RBI should just take UPI under its own control and remove it's upper limit of 1 lakh to bring it at par with NEFT and then scrap the other 3 methods. Just that they should also mandate that there would be no transaction charges on UPI for life.

 

[WizarD]

Basically NEFT and RTGS are under RBI and IMPS and UPI are under NPCI. But yes I agree everything should just be unified into one. UPI is the best since you don't need to disclose your account number or the details of which bank and branch your account is with, also the transfers are immediate and available 24x7.
RBI should just take UPI under its own control and remove it's upper limit of 1 lakh to bring it at par with NEFT and then scrap the other 3 methods. Just that they should also mandate that there would be no transaction charges on UPI for life.

But there is one catch I think.
NEFT, RTGS are not done only Online, these can be availed from bank branch also, with a charge.
If UPI becomes the only method, this provision should also be covered, including cases where the receiver may not have an UPI ID or his bank (for eg: a Cooperative bank or Urban bank) do not provide VPA to customer.

 

[Esmail]

But there is one catch I think.
NEFT, RTGS are not done only Online, these can be availed from bank branch also, with a charge.
If UPI becomes the only method, this provision should also be covered, including cases where the receiver may not have an UPI ID or his bank (for eg: a Cooperative bank or Urban bank) do not provide VPA to customer.

That is because UPI is still under NPCI, if it were to come under RBI it would apply uniformly to all banks including cooperative, rural, urban, scheduled.

 

[igloo]

Do we really need 3 methods (IMPS, NEFT, RTGS)?
Can't RBI combine everything to a single method?

Exactlymy thoughts.
RBI first complicate everything then try to solve it.
Why not just a simple thing called bank transfer that can happen anytime.
& instead of ifsc code, upi address. terms
A bank transfer with 15digit bank account no. First 3 digit for bank code decided by RBI- Rest 12 digit as bank account no.
I think both can be unique. Thats it.

 

[ramesh skyPLAY]

i am the user of canara bank. still they charge for NEFT transfer. IMPS always gives unsuccessful transfer and bank deduct money. They credit back to account after a week.

I am also. Yesterday I transferred 40000. They charged ₹11 for it. But it's not in my bank of India account.

 

[WizarD]

I am also. Yesterday I transferred 40000. They charged ₹11 for it. But it's not in my bank of India account.

Online transfer or by visiting bank branch?

 

[dinesh19]

Exactlymy thoughts.
RBI first complicate everything then try to solve it.
Why not just a simple thing called bank transfer that can happen anytime.
& instead of ifsc code, upi address. terms
A bank transfer with 15digit bank account no. First 3 digit for bank code decided by RBI- Rest 12 digit as bank account no.
I think both can be unique. Thats it.

I want to give clarification regarding account number.
Not all banks have 15 digit numbers, it vary from bank to bank.

For the example you have given, in 15 digit account number , its not the first 3 numbers but its first 4 numbers belongs to the particular branch of the bank. Bank code set by RBI is mentioned in IFSC code, not in account number

 

[dinesh19]

Regarding IMPS, this service can be availed from branch as well as netbanking. But IMPS service through branch is not always successful

 

[iqbal008]

I think, there will be days when you make online payment using any xyz method it would be charged and we would still have people stating... if using service why not pay (bitter truth of digital initiative)

 

[ramesh skyPLAY]

Online transfer or by visiting bank branch?

Online transaction Bro.