RBI abolishes RTGS and NEFT transactions charges, ATM Fee Structure also under review.
The Reserve Bank levies minimum charges on banks for transactions routed through its Real Time Gross Settlement System (RTGS) meant for large-value instantaneous fund transfers and the National Electronic Funds Transfer (NEFT) System for other fund transfers. Banks, in turn, levy charges on their customers.
In order to provide an impetus to digital funds movement, RBI has 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.
This has been stated in the Statement on Developmental and Regulatory Policies released by the Reserve Bank of India today.
Apart from the abolishing the NEFT/RTGS charges, the RBI has also set up a Committee to Review the ATM Interchange Fee Structure. The Committee is expected to submit its recommendations within two months of its first meeting. The Composition and Terms of Reference of the Committee will be issued within a week.
Allahabad High Court disposes GST appeals observing that the functioning of GST Appellate Tribunal are put to motion Allahabad High…
Date of dispatch of notice as per ITBA portal and date of communication by email may not necessarily be the…
In a recent judgment, Bombay High Court held that assignment of leasehold rights for consideration would not amount to supply…
ICAI revises eligibility criteria for empanelment of organizations to impart industrial training (Effective from 1st January, 2026) The Council of…
Date of digital signature and issuance determines the date of a notice u/s148 of the Income Tax Act - ITAT…
DGFT authorises IACCIA to issue Certificate of Origin (Non- Preferential) w.e.f. 9th January 2026 In exercise of powers conferred under…