{"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":"

National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) systems \u2013 Waiver of charges<\/strong><\/span><\/p>\n

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. In order to provide an impetus to digital funds movement, it has been decided that with effect from\u00a0July 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

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

This 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

Please note:<\/strong><\/span> Circular can be referred here — CIRCULAR<\/a><\/strong><\/p>\n

\n

[Circular dt. 11-06-2019]<\/p>\n

Reserve Bank of India<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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":"\nRBI | NEFT and RTGS charges to be waived off | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/02\/rbi-neft-and-rtgs-charges-to-be-wived-off\/\" 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