NEFT/ RTGS charges waived from July 1

The Reserve Bank of India (RBI) has decided to waive the charges levied on banks for Real Time Gross Settlement System (RTGS) and the National Electronic Funds Transfer (NEFT) transactions from July 1. Banks were advised to pass on the benefits to their customers. Separately, the RBI has formed a six-member committee, under the chairmanship of Indian Banks’ Association chief executive V.G. Kannan, to review the entire gamut of automated teller machines’ (ATMs’) charges and fees.

The panel would review the overall patterns of usage of ATMs by cardholders and assess the impact, if any, on charges and interchange fees, among others. The report of the committee is expected in two months from its first meeting.

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