Fund transfer in India costs less from Monday

Source: Xinhua | 2019-07-02

Fund transfer through Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems became cheaper from Monday in India, after the country's central bank, the Reserve Bank of India (RBI), decided to waive all charges on such transactions.
The RBI also asked the banks to pass on the benefits to customers from Monday.
The move is aimed at promoting online banking transactions among the consumers in the country.
The transaction cost comprises two components, RBI's charges and the banks' service charges based on the infrastructure cost they incur.
While the share of RBI's levy goes away, the banks' charges will continue to exist.
The RTGS system is meant for large-value instantaneous fund transfers, while the NEFT system is used for fund transfers of up to 200,000 Indian rupees (around 2,857 U.S. dollars).