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RBI scraps NEFT and RTGS Transaction Charges

Published on June 10, 2019
The RBI has removed transaction charges levied by it for Real Time Gross Settlement System (RTGS) and National Electronic Funds Transfer (NEFT) systems to boost digital transactions.
RBI scraps NEFT and RTGS Transaction Charges

Details:

  • The Real Time Gross Settlement System (RTGS) is meant for large-value instantaneous fund transfers while the National Electronic Funds Transfer (NEFT) System is used for fund transfers up to Rs 2 lakh.
  • The State Bank of India (SBI) currently charges between Re 1 and Rs 5 for NEFT transactions and between Rs 5 and Rs 50 for RTGS.
  • RBI expects the banks to pass on the benefits of this move to cutomers.
  • Also, the RBI has decided to set up a committee to review the charges levied on the use to ATMs as the usage by the public has been growing significantly.

Question:

Q. RBI has removed transaction charges levied by it for which two systems to boost digital transactions?
a. Real Time Gross Settlement System (RTGS) and National Electronic Funds Transfer (NEFT)
b. Running Time Gross Settlement System (RTGS) and National Electronic Funds Transaction (NEFT)
c. Real Time General Settlement System (RTGS) and Central Electronic Funds Transfer (CEFT)
d. Real Transaction Gross Settlement System (RTGS) and National Actual Funds Transfer (NAFT)
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