Policenama Online : India’s Central bank RBI announced that it was waiving off charges that are applied on bank transfer carried out either by National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement System (RTGS).
RBI has decided to do away with charges levied on RTGS and NEFT transactions, banks will be required to pass this benefit to their customers. pic.twitter.com/p9kcR6q6fZ
— ANI (@ANI) June 6, 2019
Reserve Bank of India asked consumer banks to pass on their benefit to customers, essentially asking banks to NEFT and RTGS transfers free of cost. There may be even more good news for customers as far as charges on transactions are concerned. The RBI announced it was setting up a panel to review charges imposed by banks on ATM withdrawals.
Announcement made at the end of the RBI’s bi-monthly policy meeting. Reduction was announced by 25 basis point. The repo rate, which is the interest rate at which the central bank lends money to commercial banks, now stands at 5.75 per cent. The RBI’s rate cut see interest rates on home and car loans come down.