RBI removes NEFT, RTGS payment charges
08, Jun 2019
Prelims level :
Mains level :
Context:
- RBI has removed charges for payments via NEFT and RTGS.This means that payments via NEFT and RTGS would become either free or charges would be low.
- RBI 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 System for other fund transfers.