RBI/2018-2019/208
DPSS (CO) RPPD No.2557/04.03.01/2018-19
June
11, 2019
The Chairman / Managing Director
/ Chief Executive Officer
of member banks participating in RTGS and / or NEFT
Madam / Sir
National Electronic Funds
Transfer (NEFT) and Real Time Gross Settlement (RTGS) systems – Waiver of
charges
Please refer to paragraph No. 8
of the Second Bi-monthly Monetary Policy Statement
on Developmental and Regulatory Policies for 2019-20 dated June 06, 2019on
the above subject. A reference is also invited to the following circulars:
i.
DPSS (CO) EPPD No. 2649/04.03.01/2010-11 dated June 02, 2011 on ‘Retail Electronic Payment Systems – Levy of
Processing Charges’; and
ii.
DPSS (CO) RTGS No.1926/04.04.002/2015-16 dated February 4, 2016 on ‘RTGS service charges for members and customers
- Rationalisation’.
2. The Reserve Bank has since
reviewed the various charges levied by it on the member banks for
transactions processed in the RTGS and NEFT systems. In order to provide an
impetus to digital funds movement, it has been decided that with effect
from July 1, 2019, processing charges and time varying charges levied on
banks by Reserve Bank of India (RBI) for outward transactions undertaken
using the RTGS system, as also the processing charges levied by RBI for
transactions processed in NEFT system will be waived by the Reserve Bank.
3. The banks are advised to pass
on the benefits to their customers for undertaking transactions using the
RTGS and NEFT systems with effect from July 1, 2019.
4. This directive is issued
under Section 10 (2) read with Section 18 of Payment and Settlement Systems
Act 2007 (Act 51 of 2007).
Yours faithfully
(Sangeeta Lalwani)
General Manager (Officer in Charge)
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