Good News! RTGS and NEFT charges waived off by RBI

There is good news for users who frequently use RTGS and NEFT services of different banks. Soon the charges on these services will be waived off. Today, 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.

RBI Governor Shaktikanta Das while addressing the media in Mumbai, also said that "RBI has been decided to set up a Committee involving all stakeholders, under the chairmanship of CEO Indian Banks' Association (IBA), to examine the entire gamut of ATM charges and fees. Committee to submit its recommendations within two months of its first meeting."

RBI also cuts repo rate by 25 basis points, now at 5.75% from 6%. Reverse repo rate and bank rate adjusted at 5.50 and 6.0 per cent respectively.