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Waiving off Charges on NEFT and RTGS

Newdelhi:9/7/19:The Reserve Bank of India (RBI) vide its circular on ‘National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) systems – Waiver of charges’ dated 11.06.2019, has decided that with effect from July 1, 2019, processing charges and time varying charges levied on banks by RBI for outward transactions undertaken using the RTGS system, as also the processing charges levied by RBI for transactions processed in NEFT system would be waived by the Reserve Bank.

The banks are also advised by RBI to pass on the benefits to their customers for undertaking transactions using RTGS and NEFT systems. This waiver of processing and time varying charges by RBI on banks will reduce the cost of RTGS and NEFT transactions and will give fillip to digital fund  movement.

There is an increase in NEFT and RTGS transactions during the last three years as illustrated in the table given below (in crore) :

Year RTGS (Customer + Interbank) NEFT
2016-17 10.78 162.21
2017-18 12.44 194.64
2018-19 13.66 231.89

Source: RBI

As apprised by RBI, total number of online transactions including Real Time Gross Settlement (RTGS), Electronic Clearing Service (ECS), National Electronic Fund Transfer (NEFT), Immediate Payment Service (IMPS), National Automated Clearing House (NACH), Unified Payment Interface (UPI) (including Bharat Interface for Money (BHIM) and Unstructured Supplementary Service Data (USSD)), Prepaid Payment Instruments (PPIs), Credit Cards at Point of Sale (PoS) and online, Debit Cards at Point of Sale (PoS) and online (in crore) since 2016-17 is as follows:

Year Total Transactions (in crore)
2016-17 977.94
2017-18 1471.19
2018-19 2338.44

 

This was stated by Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs in a written reply to a question in Lok Sabha today.

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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