RBI removes charges on RTGS, NEFT transactions: Central bank's decision will give a much-needed boost to digital transactions
5 years, 7 months ago

RBI removes charges on RTGS, NEFT transactions: Central bank's decision will give a much-needed boost to digital transactions

Firstpost  

The Reserve Bank of India on Thursday said it would waive the fee currently imposed on banks for availing of its NEFT/RTGS payment servers. Its initiative could have a ripple, nay shaming, effect on: • Goods and services tax regime where the government always suspects that manufacturers and traders don’t pass on the full benefit of input tax credit to the customers; • The government and state-run companies do not practice what they preach. National Thermal Power Corporation, for example, keeps coal mines’ bills pending and electricity boards known for their sloth in their turn keep NTPC’s bills pending; and • Airlines, which far from rewarding the online bookers penalise them with ‘convenience charges’ for booking tickets from the convenience of their home or while on the move from their mobile apps. As it is the bellwether State Bank of India’s charges for NEFT are as follows: RTGS charges are more reasonable considering their size but the minimum amount of RTGS transaction is Rs 2 lakh. For Rs 2 lakh to Rs 5 lakh through the do-it-yourself mode i.e., net banking, it is Rs 5 plus GST and from branches Rs 25 plus GST.

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History of this topic

NPCI moving to give netbanking a UPI-like makeover
5 days, 9 hours ago

NPCI moving to give netbanking a UPI-like makeover

Live Mint  

Mumbai: You’re about to pay for a purchase on a popular e-commerce website from your mobile, but your bank doesn’t show up in the netbanking list. Explaining how it will work for the consumer, Rahul Jain, CFO of payment aggregator NTT Data Payment Services India, which is part of the pilot, said that Netbanking 2.0 will bring the flavour of …

NEFT, RTGS update: RBI introduces name lookup facility to verify beneficiaries
1 week ago

NEFT, RTGS update: RBI introduces name lookup facility to verify beneficiaries

Live Mint  

NEFT, RTGS update: The Reserve Bank of India will introduce the beneficiary account name look-up facility for the Real Time Gross Settlement System and National Electronic Funds Transfer System. The RBI stated in a statement on December 30, “Currently, the Unified Payments Interface and Immediate Payments Service systems enable a remitter to verify the name of the beneficiary before initiating …

Why Kotak Mahindra Bank faces strict RBI curbs: How does it affect you?
8 months, 2 weeks ago

Why Kotak Mahindra Bank faces strict RBI curbs: How does it affect you?

Hindustan Times  

Kotak Mahindra Bank News: On Wednesday, the Reserve Bank of India directed Kotak Mahindra Bankto immediately stop onboarding new customers through its online and mobile banking channels and issuing fresh credit cards. REUTERS/Adnan Abidi/File Photo Why RBI took action against Kotak Mahindra Bank? • RBI said that it placed restrictions in the “interest of customers and to prevent any possible …

E-rupee boost: RBI to enhance role of digital currency, allow non-bank operators to offer CBDC wallets
9 months ago

E-rupee boost: RBI to enhance role of digital currency, allow non-bank operators to offer CBDC wallets

Hindustan Times  

In his statement released today, the Reserve Bank of India Governor, Shaktikanta Das, has indicated the central bank’s interest in enhancing the scope of digital currency in India. The RBI Governor said the central bank was looking to promote CBDC and that too by enhacing its scope through Non-bank Payment System Operators and thereby boost retail use. It is proposed …

Why is RBI so cranky about fintech firms after Paytm crisis?
10 months, 2 weeks ago

Why is RBI so cranky about fintech firms after Paytm crisis?

Hindustan Times  

First, Paytm was asked to freeze its banking business, a crackdown so severe that India’s pioneering digital payments firm bled out nearly 60% of its market value in two weeks. While freezing fresh credits into Paytm Payments Bank accounts for “persistent non-compliances and continued material supervisory concerns,” RBI mandated that the bank terminate the nodal accounts of One 97 Communications …

RBI Proceedings Against Paytm Payment Bank: Regulatory Compliances
10 months, 3 weeks ago

RBI Proceedings Against Paytm Payment Bank: Regulatory Compliances

Live Law  

The recent action of the Reserve Bank of India against Paytm's subsidiary, the Paytm Payment Bank has sent ripples across the fintech industry. This action of the RBI comes in light of multiple repeated violations by the Paytm Payment Bank of various compliances, regulations, and directions that are in place to regulate the functioning of payment banks. It is pertinent …

RBI directs Visa, Mastercard to halt card-based commercial payments: Here's why
10 months, 3 weeks ago

RBI directs Visa, Mastercard to halt card-based commercial payments: Here's why

India TV News  

The Reserve Bank has directed Visa and Mastercard, two major players in international payments, to halt card-based commercial transactions made by small and large businesses. Visa India issues statement In a statement, a Visa India spokesperson told the media that "they have received a communication from the RBI on February 8 in what appears to be an industry-wide request for …

RBI curbs on Paytm Payments Bank not a sudden move, action taken after warnings
11 months, 1 week ago

RBI curbs on Paytm Payments Bank not a sudden move, action taken after warnings

Hindustan Times  

India’s banking regulator stunned the finance and tech industries by abruptly suspending much of digital giant Paytm’s business late Wednesday. The RBI on Wednesday ordered Paytm Payments Bank, which is 49% owned by Paytm’s parent company, to stop its popular mobile wallet business along with other activities, citing persistent non-compliance and supervisory concerns. Still, the RBI’s stance is that it …

How RBI’s proposed new payment system will be different from UPI, NEFT, RTGS
1 year, 7 months ago

How RBI’s proposed new payment system will be different from UPI, NEFT, RTGS

Live Mint  

The Reserve Bank of India's proposed lightweight payment and settlement system will introduce a paradigm shift in the Indian payment landscape. The need for lightweight payment and settlement system The central bank said that this payment system can be operated from anywhere by a bare minimum staff in order to be prepared to face extreme situations such as natural calamities …

RBI’s nod to payment aggregators signals start of light-touch regulation
1 year, 10 months ago

RBI’s nod to payment aggregators signals start of light-touch regulation

Live Mint  

It is a measure of the rapid growth of digitization in India over the past few years, accompanied by that of fintechs providing innovative solutions and services, that India’s central bank had to move in with a regulatory framework to bring some of these non-banks under its ambit. Without a formal regulatory structure, India has had many payment aggregators and …

RBI modifies NEFT, RTGS systems to accommodate FCRA transactions
1 year, 10 months ago

RBI modifies NEFT, RTGS systems to accommodate FCRA transactions

India TV News  

The Reserve Bank of India has introduced new changes in NEFT and RTGS systems for Foreign Contribution Act related transactions. Contributions to the FCRA are received directly from foreign banks through SWIFT and through Indian intermediary banks through the NEFT and RTGS systems. The RBI has asked banks to make necessary changes in their core banking/middleware solutions to capture the …

Digital currency to bring down time, cost for cross-border transactions: RBI’s Sankar
2 years, 4 months ago

Digital currency to bring down time, cost for cross-border transactions: RBI’s Sankar

The Hindu  

Central bank digital currency, to be launched this year, could become a tool for reducing time and cost for cross-border transactions, Reserve Bank Deputy Governor T. Rabi Sankar said on Wednesday. Explained | RBI’s digital currency plans Observing that India has an excellent, cheap and fast domestic payments system, he said the cost of cross-border payment, however, is still high. …

RBI Mulls Addressing Monopoly of PhonePe, Google Pay in UPI Space; Deputy Guv Explains
2 years, 4 months ago

RBI Mulls Addressing Monopoly of PhonePe, Google Pay in UPI Space; Deputy Guv Explains

News 18  

Reserve Bank of India deputy governor T Rabi Sankar on Wednesday said that the central bank was going to find a solution to the problem of payments done on the United Payments Interface getting concentrated on two big players — Google Pay and PhonePe. We are also looking at Europe to see how we can address this issue,” said T …

What the RBI misses about charges in payment systems
2 years, 4 months ago

What the RBI misses about charges in payment systems

Live Mint  

The RBI has come out with a consultation on charges in payment systems. One, it does not take into account the prospect of a central bank digital rupee on the blockchain, which would greatly enhance the ease of use and reduce the cost of payments, and outcompete prior payment methods, unless these other payment methods offer competitive costs. Things to …

Here's how Paytm's businesses are unaffected by the changes to digital payment charges.
2 years, 11 months ago

Here's how Paytm's businesses are unaffected by the changes to digital payment charges.

India Today  

With the decision by the Reserve Bank of India to release a discussion paper on digital payments, speculation has been rife as to how this will impact digital payments businesses. Certain analyst firms, including foreign brokerage Macquarie, have speculated that regulatory changes may impact Paytm’s businesses. With the payments business accounting for 70% of gross revenues of the digital payments …

RBI's push for card security to hit merchants, lenders
3 years ago

RBI's push for card security to hit merchants, lenders

The Hindu  

The Reserve Bank of India's plans to move towards card tokenisation is likely to hit a wide range of companies from major e-commerce firms and food delivery firms to lenders, while increasing the use of cash, said industry sources and bankers. "Introducing an additional step in payments adds friction and several studies show that customers may end up dropping out …

RBI to soon float paper on reasonableness of charges on transactions via digital payments
3 years, 1 month ago

RBI to soon float paper on reasonableness of charges on transactions via digital payments

India TV News  

With a view to make digital transactions more affordable, the Reserve Bank of India will soon come out with a discussion paper on the reasonableness of charges on transactions through digital mode. Observing that concerted efforts by all stakeholders have led to a significant increase in digital payments in recent years, RBI Governor Shaktikanta Das said there have, however, been …

RTGS Facility To Be Unavailable For 14 Hours On April 18; How It Will Affect You
3 years, 8 months ago

RTGS Facility To Be Unavailable For 14 Hours On April 18; How It Will Affect You

News 18  

The Reserve Bank of India on Monday announced that the money transfer facility, Real Time Gross Settlement System, will be unavailable for 14 hours from 00:00 to 14:00 hours on Sunday, April 18, in lieu of a technical upgrade to enhance the resilience of the system. The country’s central bank and regulatory body under the jurisdiction of Ministry of Finance, …

NEFT, RTGS money transfer services extended beyond banks: RBI Governor Shaktikanta Das
3 years, 9 months ago

NEFT, RTGS money transfer services extended beyond banks: RBI Governor Shaktikanta Das

India TV News  

The Reserve Bank of India on Wednesday extended National Electronic Funds Transfer and Real-Time Gross Settlement facilities beyond banks. RBI Governor Shaktikanta Das announced that the services can now be used by non-bank payment operators as well. Now, the issuers of Prepaid Payment Instrument, card networks, White label ATM operators and Trade Receivables Discounting System platforms can use these two …

RTGS, NEFT money transfer facilities extended beyond banks: RBI chief Shaktikanta Das
3 years, 9 months ago

RTGS, NEFT money transfer facilities extended beyond banks: RBI chief Shaktikanta Das

Live Mint  

Reserve Bank of India on Wednesday extended the National Electronic Funds Transfer and Real-Time Gross Settlement facilities to non-bank payment system operators. Now, Prepaid Payment Instrument issuers, card networks, White label ATM operators and Trade Receivables Discounting System platforms can use NEFT and RTGS modes. It is now proposed to enable non-bank payment system operators like Prepaid Payment Instrument issuers, …

RBI extends NEFT, RTGS money transfer facility beyond banks. Details here
3 years, 9 months ago

RBI extends NEFT, RTGS money transfer facility beyond banks. Details here

India Today  

The Reserve Bank of India on Wednesday said that National Electronic Funds Transfer and Real-Time Gross Settlement facilities will be extended to non-bank payment system operators. With RBI’s announcement, these money transfer systems will be extended to Prepaid Payment Instrument issuers, card networks, white-label ATM operators and Trade Receivables Discounting System platforms. It is now proposed to enable non-bank payment …

3 important things to know about RTGS fund transfer facility
3 years, 9 months ago

3 important things to know about RTGS fund transfer facility

Live Mint  

RTGS or Real-Time Gross Settlement is a money transfer facility where there is a continuous and real-time settlement of fund-transfers, individually on a transaction-by-transaction basis. Real time, in this case, means processing of instructions at the time they are received, while gross settlement means the settlement of funds transfer instructions occurs individually. The processing of RTGS is different from the …

RTGS to Be Made Available 24X7 in Next Few Days, Says RBI Governor
4 years, 1 month ago

RTGS to Be Made Available 24X7 in Next Few Days, Says RBI Governor

News 18  

In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement system, used for large value transactions, will be made available round-the-clock in the next few days. RBI Governor Shaktikanta Das said RTGS system will soon be made available 24×7 in the next few days… with this enablement, it is proposed to …

Fund Transfer: RTGS to be made available 24X7 in next few days, says RBI Governor
4 years, 1 month ago

Fund Transfer: RTGS to be made available 24X7 in next few days, says RBI Governor

India TV News  

In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement system, used for large value transactions, will be made available round-the-clock in the next few days. RBI Governor Shaktikanta Das said RTGS system will soon be made available 24x7 in the next few days. In order to expand adoption of digital …

RBI: Large fund transfers to be 24/7, contactless card payment hiked to ₹5,000
4 years, 1 month ago

RBI: Large fund transfers to be 24/7, contactless card payment hiked to ₹5,000

Live Mint  

MUMBAI: Customers will soon be able to transfer funds through real-time gross settlement will be available round-the-clock in the next few days, Reserve Bank of India governor Shaktikanta Das said on Friday. Real time means the processing of instructions at the time they are received and gross settlement implies that settlement of funds transfer instructions occurs individually. RBI had allowed …

RBI's new rules for debit and credit cards; move aimed at improving convenience, security of transactions
4 years, 9 months ago

RBI's new rules for debit and credit cards; move aimed at improving convenience, security of transactions

Firstpost  

RBI has directed banks to allow only domestic card transactions at ATMs and PoS terminals in India at the time of issuance/reissuance of the card. For international transactions, online transactions, card-not-present transactions and contactless transactions, customers will have to separately set up services on their card, the RBI said. In January, the RBI had issued new rules to improve user …

RBI directs banks that credit, debit card users can enable, disable
4 years, 11 months ago

RBI directs banks that credit, debit card users can enable, disable

India TV News  

To improve user convenience and increase the security of card transactions,the Reserve Bank of India has asked all banks to give card users, credit and debit, the facility to enable/disable their cards for different types of use. Card issuers have also been asked to allow card holders to modify transaction limits within the overall card limit for all types of …

Paytm becomes only app offering NEFT transactions 24/7
5 years ago

Paytm becomes only app offering NEFT transactions 24/7

India TV News  

With the Reserve Bank of India making online NEFT transfers 24/7 on all days including weekends and holidays from Monday, India's digital payment leader Paytm has become the only payments app offering three ways to pay 24x7 seamlessly, within the same "Money Transfer" flow via UPI, IMPS and now NEFT mode. Millions of users can pay up to Rs 10 …

RBI announces slew of measures to push digital payments in India
5 years, 2 months ago

RBI announces slew of measures to push digital payments in India

Live Mint  

The Reserve Bank of India on Friday announced fresh steps to push digital payments in India, including removing charges on online fund transfer system National Electronic Funds Transfer, introducing interoperable system such that FASTags can be used to pay parking fees, fuel, among other measures. The banking regulator mandated banks not to charge savings bank account customers for online transactions …

RBI asks banks not to charge savings bank account holders for NEFT transactions from 1 January
5 years, 2 months ago

RBI asks banks not to charge savings bank account holders for NEFT transactions from 1 January

Firstpost  

Mumbai: Come January 2020, and customers may not have to pay any charges for transactions done through the popular NEFT system. During the same period, the National Electronic Funds Transfer and Unified Payments Interface systems handled 252 crore and 874 crore transactions with year on year growth of 20 percent and 263 percent, respectively. “This rapid growth in the payment …

No charges on NEFT online money transfer from January
5 years, 2 months ago

No charges on NEFT online money transfer from January

Live Mint  

To promote digital transactions, the RBI has asked banks not to charge savings bank account customers for online transactions in the NEFT or National Electronic Funds Transfer system with effect from January 2020. During the same period, the National Electronic Funds Transfer and Unified Payments Interface systems handled 252 crore and 874 crore transactions with year on year growth of …

After NEFT, RTGS, SBI waives charges on IMPS transactions through internet and mobile banking from 1 August
5 years, 5 months ago

After NEFT, RTGS, SBI waives charges on IMPS transactions through internet and mobile banking from 1 August

Firstpost  

New Delhi: State Bank of India has waived charges on NEFT and RTGS transactions through the internet and mobile banking from 1 July, after the RBI decided to do away with the charges with an aim to move the country towards a less-cash economy. The country’s largest bank, which has about 25 percent market share, has also decided to do …

Fund transfer via RTGS, NEFT set to get cheaper from Monday
5 years, 6 months ago

Fund transfer via RTGS, NEFT set to get cheaper from Monday

India TV News  

Fund transfer through RTGS and NEFT systems is set to become cheaper from Monday after the Reserve Bank of India decided it will not impose any charges on such transactions. After announcing its decision to waive all charges on fund transfer through RTGS and NEFT systems from July 1, the Reserve Bank of India had also asked banks to pass …

Fund transfers via RTGS, NEFT to cost less from July 1
5 years, 6 months ago

Fund transfers via RTGS, NEFT to cost less from July 1

India TV News  

The Reserve Bank of India Tuesday said it will waive all charges on fund transfer through popular RTGS and NEFT systems from July 1 and asked banks to pass on the benefits to customers from the same day. In order to provide an impetus to digital funds movement, the central bank further said it has been decided that with effect …

Is RBI planning to wave off ATM charges too? Central bank forms review panel after removing NEFT, RTGS fees
5 years, 6 months ago

Is RBI planning to wave off ATM charges too? Central bank forms review panel after removing NEFT, RTGS fees

ABP News  

Days after the Reserve Bank of India removed charges levied against National Electronic Funds Transfer and Real-time Gross Settlement and directed banks to pass on the benefits to customers, a committee has been formed to examine the gamut of charges taken against the withdrawal of money from Automated Teller Machines. In its June bi-monthly monetary policy meeting, RBI had said …

RBI monetary policy: Central bank removes charges on RTGS, NEFT transactions; asks banks to pass on benefits to customers
5 years, 7 months ago

RBI monetary policy: Central bank removes charges on RTGS, NEFT transactions; asks banks to pass on benefits to customers

Firstpost  

Mumbai: The Reserve Bank of India on Thursday said it has done away with charges on fund transfers through RTGS and NEFT routes to boost digital transactions and asked banks to pass on the benefits to customers. Country’s largest bank SBI charges between Re 1 and Rs 5 for transactions through NEFT and between Rs 5 and Rs 50 for …

RTGS, NEFT charges to come down, money transfer to get cheaper
5 years, 7 months ago

RTGS, NEFT charges to come down, money transfer to get cheaper

Live Mint  

New Delhi: The Reserve Bank of India has decided to eliminate levy on online payment modes -- Real Time Gross Settlement System and National Electronic Funds Transfer – a move that is expected to make such transactions cheaper. “In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by …

ATM charge review to lower RTGS, NEFT fees for money transfer: Key RBI announcements
5 years, 7 months ago

ATM charge review to lower RTGS, NEFT fees for money transfer: Key RBI announcements

Live Mint  

The RBI will set up a committee to review the charges for usage of ATMs. Draft guidelines for on tap licensing of small finance banks will be issued soon while a forex trading platform for retail participants will be set up to make more transactions more transparent. Key RBI announcements today: 1) To promote digital transactions, the RBI has decided …

Nandan Nilekani-led committee suggests measures to encourage digital payments, financial inclusion
5 years, 7 months ago

Nandan Nilekani-led committee suggests measures to encourage digital payments, financial inclusion

Firstpost  

Customers must be allowed to initiate and accept a reasonable number of digital payment transactions with no charges, the committee suggested Mumbai: To encourage digital payments, the Nandan Nilekani committee has suggested a host of measures, including elimination of charges, round-the-clock RTGS and NEFT facility and duty-free import of point-of-sales machines. “The committee recommends that the RBI and the Government …

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