RBI removes charges from RTGS & NEFT

RBI has removed charges from RTGS and NEFT. In the monetary policy review meeting of RBI, the charges for real-time gross settlement systems, which are used for large fund transfers, have been removed from RTGS and National Electronic Fund Transfers i.e. NEFT.
After this decision of the RBI, the bank can also reduce the charges for its customers. So far, the RBI was charging on RTGS and NEFT. Most of the major banks charge 25 rupees and time-charging charges for RTGS fund transfer ranging from Rs 2 lakh to Rs 5 lakh. For more than Rs 5 lakh, these banks charge 50 rupees and time-charging charges.
Through RTGS and NEFT, any person, company, firm transfers its large funds.
Today, the Reserve Bank’s monetary policy review meeting has cut policy rates by 25 basis points. Now the repo rate has decreased from 6 per cent to 5.75 per cent. This will reduce the burden of your home loan, car loan. In addition to the repo rate, the RBI has given the reverse repo rate to 5.50 and the bank rate to 6%. It was believed that in the review of monetary policy, the policy rates (repo rate) can be cut by 0.25 percent. Due to slowing economic growth, the pressure on the RBI to cut interest rates has increased.
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