{"id":216351,"date":"2019-07-02T13:15:08","date_gmt":"2019-07-02T07:45:08","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=216351"},"modified":"2019-07-03T15:26:15","modified_gmt":"2019-07-03T09:56:15","slug":"rbi-neft-and-rtgs-charges-to-be-wived-off","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/02\/rbi-neft-and-rtgs-charges-to-be-wived-off\/","title":{"rendered":"RBI | NEFT and RTGS charges to be waived off"},"content":{"rendered":"<p style=\"text-align: center;\"><span style=\"color: #ff0000;\"><strong>National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) systems \u2013 Waiver of charges<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">The Reserve Bank has since reviewed the various charges levied by it on the member banks for transactions processed in the RTGS and NEFT systems. <strong>In order to provide an impetus to digital funds movement, it has been decided that with effect from\u00a0<span class=\"head\">July 1, 2019<\/span><\/strong>, processing charges and time varying charges levied on banks by Reserve Bank of India (RBI) for outward transactions undertaken using the RTGS system, as also the processing charges levied by RBI for transactions processed in NEFT system will be waived by the Reserve Bank.<\/p>\n<p style=\"text-align: justify;\">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 1, 2019, i.e. today.<\/p>\n<p style=\"text-align: justify;\">This <strong>directive is issued under Section 10 (2) read with Section 18 of Payment and Settlement Systems Act, 2007<\/strong> (Act 51 of 2007).<\/p>\n<p><span style=\"color: #ff0000;\"><strong>Please note:<\/strong><\/span> Circular can be referred here &#8212; <strong><a href=\"https:\/\/rbidocs.rbi.org.in\/rdocs\/notification\/PDFs\/NT2081AAF195DF07B44E1A103FF512204578D.PDF\">CIRCULAR<\/a><\/strong><\/p>\n<hr \/>\n<p>[Circular dt. 11-06-2019]<\/p>\n<p style=\"text-align: right;\"><strong>Reserve Bank of India<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) systems \u2013 Waiver of charges The Reserve Bank has since reviewed <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[3091,36388,2732,36389,36390],"class_list":["post-216351","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-notifications","tag-charges","tag-neft","tag-Reserve_Bank_of_India","tag-rtgs","tag-waived-off"],"yoast_head":"<!-- This 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It was conceived as a key measure to improve the quality and accuracy of financial data systems for better risk management post the Global Financial Crisis. \u00a0LEI has been\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":240620,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/12\/14\/rbi-india-becomes-one-of-the-few-countries-in-the-world-to-operate-its-rtgs-system-round-the-clock-throughout-the-year\/","url_meta":{"origin":216351,"position":1},"title":"RBI | India becomes one of the few countries in the world to operate its RTGS system round the clock throughout the year","author":"Bhumika Indulia","date":"December 14, 2020","format":false,"excerpt":"Reserve Bank had announced in the\u00a0Statement on Developmental and Regulatory Policies dated October 09, 2020, that the Real Time Gross Settlement System (RTGS) will be available round the clock on all days of the year. Accordingly, RTGS 24x7x365 was launched with effect from 00:30 hours on December 14, 2020. India\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":218514,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/08\/22\/real-time-gross-settlement-rtgs-system-increase-in-operating-hours\/","url_meta":{"origin":216351,"position":2},"title":"Real Time Gross Settlement (RTGS) System \u2013 Increase in operating hours","author":"Bhumika Indulia","date":"August 22, 2019","format":false,"excerpt":"At present, the RTGS system is available for customer transactions from 8:00 am to 6:00 pm and for inter-bank transactions from 8:00 am to 7:45 pm. In order to increase the availability of the RTGS system, it has been decided to extend the operating hours of RTGS and commence operations\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":222934,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/07\/availability-of-national-electronic-funds-transfer-neft-system-on-24x7-basis\/","url_meta":{"origin":216351,"position":3},"title":"Availability of National Electronic Funds Transfer (NEFT) System on 24&#215;7 basis","author":"Bhumika Indulia","date":"December 7, 2019","format":false,"excerpt":"It has been decided that the above facility shall be made available from December 16, 2019, with the first settlement taking place after 00:30 hours on December 16, 2019 (i.e. night of December 15, 2019). Member banks are advised to note the following: There will be 48 half-hourly batches every\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":223300,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/16\/rbi-liquidity-support-ls-facility-neft-24-x-7\/","url_meta":{"origin":216351,"position":4},"title":"RBI | Liquidity Support (LS) Facility &#8211; NEFT 24 x 7","author":"Bhumika Indulia","date":"December 16, 2019","format":false,"excerpt":"In order to facilitate smooth settlement of NEFT transactions in the accounts of the member banks maintained with the Reserve Bank in a 24x7 environment, it has been decided to provide an additional collateralised intra-day liquidity facility, to be called Liquidity Support (LS). The salient features of the scheme are\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":216291,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/01\/storage-of-payment-system-data-clarification-issued-by-rbi-to-ensure-expeditious-compliance-by-payment-system-operators\/","url_meta":{"origin":216351,"position":5},"title":"Storage of Payment System Data | Clarification issued by RBI to ensure expeditious compliance by Payment System Operators","author":"Bhumika Indulia","date":"July 1, 2019","format":false,"excerpt":"Reserve Bank of India through circular\u00a0DPSS.CO.OD.No 2785\/06.08.005\/2017-18 dated April 06, 2018 had issued a few directions to ensure better monitoring, it is important to have unfettered supervisory access to data stored with these system providers as also with their service providers\/intermediaries\/ third party vendors and other entities in the payment\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/216351","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=216351"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/216351\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=216351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=216351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=216351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}