- Friday, April 24, 2009, 2:57
- RBI / FEMA
High value clearing, the facility that enables depositors to encash cheques drawn for over Rs 1 lakh the next day, is set to be phased out. The Reserve Bank of India (RBI) has increased the minimum value for high value clearing to Rs 5 lakh from May. This will be increased further to Rs 10 [...]
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- Thursday, October 16, 2008, 19:26
- RBI / FEMA
The Reserve Bank of India (RBI) has capped fees charged by banks for electronic payment (e-payment) and collection of outstation cheques. The move is aimed at popularising electronic payments and discouraging higher charges levied by banks on customers.
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- Thursday, September 13, 2007, 7:10
- Finance
Q.1. What is NEFT System? Ans National Electronic Funds Transfer (NEFT) system is a nation wide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch. Q. 2. Are all bank branches in the system part of the funds transfer network? Ans No. As on January 31, 2007, 18500 branches of 53 banks are participating. Steps are being taken to widen the coverage both in terms of banks and branches.
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