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Currently, the RBI ‘levies minimum charges’ on banks for transactions routed through its RTGS and NEFT system.

To provide an impetus to digital funds movement, the central bank had decided to do away with the processing charges and time-varying charges levied on banks by the RBI for outward transactions through the RTGS.

Also the processing charges for transactions processed in NEFT will be waived by the Reserve Bank of India. Fund transfer through RTGS and NEFT systems is set to become cheaper from today after the Reserve Bank of India decided it will not impose any charges on such transactions.

The real-time gross settlement (RTGS) system is meant for large-value fund transfers, while the national electronic funds transfer (NEFT) system is used for fund transfers of up to Rs 2 lakh.

SOURCE: DD NEWS

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