The Reserve Bank of India (RBI) on Tuesday ordered banks to stop charging customers for online fund transfer through the Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) system from July 1. In a communication to banks, the RBI said the decision had been taken to provide an impetus to digital funds movement. The RTGS system is primarily meant for high-value transactions. RTGS transactions, in contrast to NEFT transactions, are carried out in real time. Here the beneficiary bank receives the instruction to transfer funds immediately when customers issue the instructions and the transfer is instantaneous.

Source: Hindustan Times June 11, 2019 14:44 UTC