No charges on e-transfer up to Rs 1 lakh, banks told |

 

To promote cashless transactions, the finance ministry has asked public sector banks to take steps to reduce the fee to zero for electronic transfer of funds up to Rs one lakh.

Currently, most banks charge a maximum fee of Rs 5 per transfer of funds up to Rs 1 lakh from one account to another through National Electronic Funds Transfer (NEFT) system.

Transfer of funds up to Rs 10,000 through NEFT system attract a maximum charge of Rs 2.50 per transaction.

In a recent communication to the state-owned banks, the ministry had asked them to "take action" to reduce the NEFT charges to zero for value up to Rs 1 lakh.

However, some banks are yet to intimate the ministry about the action taken by them to reduce the charges, sources said.

RBI has, however, retained maximum charges of Rs 15 per transaction for electronic transfer of funds beyond Rs 1 lakh to less than Rs 2 lakh,

The government has been asking banks to encourage transactions through e-payment channels so as to reduce the number of transactions through cheques and other expensive modes of transactions.

The public sector banks have also been asked to identify top 20 per cent branches in respect of business volumes to bring down the number of cheque based transactions by at least one-fifth in the current financial year.

The banks have also been asked to ensure that all payments and disbursements by them, except sundry payments, are made only electronically.

The RBI had recently said that it is "desirable" that the benefits accruing on account of increasing volume of transactions are passed on to the customers so as to incentivise greater use of the electronic payment system.

 

0 comments:

Post a Comment

All comments are moderated. Please post no spam

Disclaimer & Privacy Policies

(c) Mrs. Ruby Christy. This site and contents are owned by Mrs. Ruby Christy;
Use of this website and/or services offered by us indicates your acceptance of our Disclaimer& Privacy Policies.

Information and opinions provided on this website (www.investchips.com) has been independently obtained from sources believed to be reliable. However, such information may include inaccuracies, errors or omissions. Investchips.com and its affiliates, information providers or content providers and R.John Christy and his Family shall have no liability to you or third parties for the accuracy, completeness, timeliness or correct sequencing of information available on this website or feeds, or for any decision made or action taken by you in reliance upon such information, or for the delay or interruption of such information. Investchips.com,its affiliates, information providers ,content providers and R. John Christy and his Family shall have no liability for investment decisions or other actions taken or made by you based on the information provided on this website. Any action you choose to take in the markets is totally your own responsibility. Investchips.com and R. John Christy and his Family will not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. This information is neither an offer to sell nor solicitation to buy any of the securities mentioned herein. Opinions expressed by R. John Christy are his own and not of his past, present and future employers.
The DoubleClick DART cookie is used by Google in the ads served on this websites displaying AdSense for content ads. When users visit this website and either view or click on an ad, a cookie may be dropped on that end user's browser.
  • Google, as a third party vendor, uses cookies to serve ads on this site.
  • Google's use of the DART cookie enables it to serve ads to your users based on their visit to this site and other sites on the Internet.
  • Users may opt out of the use of the DART cookie by visiting the Google ad and content network privacy policy.
  • www.investchips.com never collects any personal information of visitors.