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Fund transfer through RTGS and NEFT systems is set to become cheaper

Newdelhi:30/6/19:Fund transfer through RTGS and NEFT systems is set to become cheaper from tomorrow after the Reserve Bank of India decided it will not impose any charges on such transactions.

The real-time gross settlement (RTGS) system is meant for large-value instantaneous fund transfers, while the national electronic funds transfer (NEFT) system is used for fund transfers of up to 2 lakh rupees.

Currently, the RBI levies minimum charges on banks for transactions routed through its RTGS and NEFT system. Banks, in turn, levy charges on their customers.

The RBI has also constituted a high-level committee under IBA Chief Executive VG Kannan to examine ATM charges and fees by banks amid demands for reviewing the levies.

About Ashok Palit

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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