The Reserve Bank of India ( RBI ) has withdrawn charges on NEFT, RTGS Transactions.
In a Statement on Developmental and Regulatory Policies the RBI said that, “In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the Reserve Bank for transactions processed in the RTGS and NEFT systems. Banks will be required, in turn, to pass these benefits to their customers. Instructions to banks in this regard will be issued within a week”.
The RBI also said that, “There have been persistent demands to change the ATM charges and fees. In order to address these, it has been decided to set up a Committee involving all stakeholders, under the chairmanship of the Chief Executive Officer, Indian Banks’ Association (IBA), to examine the entire gamut of ATM charges and fees. The Committee is expected to submit its recommendations within two months of its first meeting. The Composition and Terms of Reference of the Committee will be issued within a week”.
The RBI’s monetary policy committee (MPC) cut its repo rate by 25 basis points to 5.75 percent, changing its policy stance to accommodative from”neutral”.
