No charges for RTGS, NEFT transactions from July 1

The Reserve Bank of India (RBI) on Tuesday directed banks to withdraw the charges levied on the National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) transactions with effect from July 1.

"The banks are advised to pass on the benefits to their customers for undertaking transactions using the RTGS and the NEFT systems with effect from July 1, 2019," said the RBI in a notification. The directive has been issued under Section 10 (2) read with Section 18 of the Payment and Settlement Systems Act 2007 (Act 51 of 2007).