RBI issues direction on National Electronic Funds Transfer and Real Time Gross Settlement systems

Jun 12, 2019 | by Avantis RegTech Legal Research Team

The Reserve Bank of India (RBI) on June 11, 2019, has reviewed the various charges levied on the member banks for transactions processed in the RTGS and NEFT systems in order to provide an impetus to digital funds movement. RBI has been decided that the processing charges and time varying charges levied on banks by RBI for outward transactions undertaken using the RTGS system, and also the processing charges for transactions processed in NEFT system will be waived by the Reserve Bank with effect from July 01, 2019.

The banks are advised to pass on the benefits to their customers for undertaking transactions using the RTGS and NEFT systems with effect from July 01, 2019.

[Notification No. DPSS (CO) RPPD No.2557/04.03.01/2018-19]

Click here to download the Notification.


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