RBI waives the charges for transfer of funds through NEFT system for furthering digital payments

Dec 17, 2019 | by Avantis RegTech Legal Research Team

Industry Specific Compliance

The Reserve Bank of India (RBI) on December 16, 2019, has decided that member banks shall not levy any charges from their savings bank account holders for funds transfers done through National Electronic Funds Transfer (NEFT) system which are initiated online, in order to give further impetus to digital retail payments under the Payment and Settlement Systems Act, 2007.

[Notification No. RBI/2019-20/116 DPSS (CO) RPPD No.1140/04.03.01/2019-20]


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