GUWAHATI: The Reserve Bank of India (RBI) has decided to lift charges that are applied to digital bank transfers, including National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement System (RTGS).
The RTGS is meant for large-value instantaneous fund transfers while the NEFT System is used for fund transfers up to Rs 2 lakh.
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The newly announced decision was taken at RBI's bi-monthly monetary policy meeting.
While announcing the scrapping of charges on RTGS and NEFT transactions, the RBI said it was doing so to boost digital transactions and to the benefit the customers.
It should be mentioned that the State Bank of India (SBI) currently charges between Re 1 and Rs 5 for NEFT transactions and between Rs 5 and Rs 50 for RTGS transactions.
