The Reserve Bank of India (RBI) on Thursday waived off the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) Transaction charges. The RBI said that banks will be required to pass this benefit to all their customers. The Central Bank also cut the repo rate by 25 basis points on Thursday. The repo rate now at 5.75% from 6%. Meanwhile, the reverse repo rate and bank rate adjusted at 5.50 and 6.0 per cent respectively.
In the last month, the RBI had extended the timings for fund transfer through RTGS by one-and-a-half hours to 1800 hrs for the general public from June 1. Before the change, the timing for any RTGS transaction was till 4:30 PM. Now it has been extended to 6 PM. The final cut-off for inter-bank transactions will be 7:45 PM.
According to reports, under Real Time Gross Settlement (RTGS) System, there is a continuous and real-time settlement of fund-transfers, individually on a transaction by transaction basis (without netting).
Post Your Comments