RTGS, NEFT charges scrapped; online money transfer to get cheaper

Reserve Bank of India Monetary Policy Committee has decided to do away with charges levied on RTGS and NEFT transactions, the netbanking facilities that allow individuals, companies and firms to transfer funds from one bank to another. “In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the Reserve Bank for transactions processed in the RTGS and NEFT systems. Banks will be required, in turn, to pass these benefits to their customers. Instructions to banks in this regard will be issued within a week,” the RBI said in the monetary policy statement.