Fema / RBI : National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Schem...
Company Law : Currently MCA21 payments are allowed via Credit Card, Internet Banking & Physical Challan. The Ministry has authorized 5 banks (In...
Fema / RBI : High value clearing, the facility that enables depositors to encash cheques drawn for over Rs 1 lakh the next day, is set to be ph...
Fema / RBI : Review of Charges for RBI-operated Payment Systems The Reserve Bank levies minimum charges on banks for transactions routed throug...
Fema / RBI : The Reserve Bank of India (RBI) has told banks not to charge more than Rs 5 for any cash deposit made at a non-home branch (other ...
Fema / RBI : The Reserve Bank of India, or RBI, has told a bunch of top bank executives to push the use of electronic transactions among custom...
Finance : One lakh rupees is no longer considered ‘high value’ in banking parlance. Until recently, a cheque amounting to over...
Fema / RBI : High value clearing, the facility that enables depositors to encash cheques drawn for over Rs 1 lakh the next day, is set to be ph...
Fema / RBI : In order to facilitate smooth settlement of NEFT transactions in the accounts of the member banks maintained with the Reserve Bank...
Fema / RBI : RBI may Mandate banks not to charge savings bank account customers for online transactions in the NEFT system with effect from Jan...
Fema / RBI : Under the overall guidance of the Board for Payment and Settlement Systems, the Reserve Bank over the last few years, has been tak...
Fema / RBI : You are aware that there has been a remarkable growth of customer transactions in RTGS over the years, with currently more than 1,...
Fema / RBI : In the Second Quarter Review of Monetary Policy of the Reserve Bank of India for the Year 2010-11, it was announced that Urban Co-...
In order to facilitate smooth settlement of NEFT transactions in the accounts of the member banks maintained with the Reserve Bank in a 24×7 environment, it has been decided to provide an additional collateralised intra-day liquidity facility, to be called Liquidity Support (LS).
RBI may Mandate banks not to charge savings bank account customers for online transactions in the NEFT system with effect from January 2020. Operationalise the Acceptance Development Fund to increase acceptance infrastructure with effect from January 1, 2020.
Review of Charges for RBI-operated Payment Systems The Reserve Bank levies minimum charges on banks for transactions routed through its Real Time Gross Settlement System (RTGS) meant for large-value instantaneous fund transfers and the National Electronic Funds Transfer (NEFT) System for other fund transfers. Banks, in turn, levy charges on their customers. In order to […]
Under the overall guidance of the Board for Payment and Settlement Systems, the Reserve Bank over the last few years, has been taking a number of steps to popularise the electronic payment systems in the country. In this connection, a reference is invited to circular DPSS.CO.OD.494/04.04.009/2011-2012 dated September 21, 2011, in terms of which, liberalised revised access criteria for centralised and decentralised payment systems were announced.
Currently MCA21 payments are allowed via Credit Card, Internet Banking & Physical Challan. The Ministry has authorized 5 banks (Indian Bank, HDFC, ICICI, PNB and SBI) for collection of MCA21 fees, which means that only the account holders of these banks can avail Internet banking facility. Further, payment via challan can only be made in the authorized branches of these above five banks. Though this was a major improvement compared to the earlier manual system, it caused delays in incorporation of companies and processing of other eForms.
The Reserve Bank of India (RBI) has told banks not to charge more than Rs 5 for any cash deposit made at a non-home branch (other than the one where the customer has the account). Some banks charge as much as Rs 110 for such cash deposits.
You are aware that there has been a remarkable growth of customer transactions in RTGS over the years, with currently more than 1,50,000 customer transactions being settled on a daily average in the RTGS system. As the RTGS system handles large value and time critical transactions, all member banks need to address the customer complaints and concerns on a priority basis.
In the Second Quarter Review of Monetary Policy of the Reserve Bank of India for the Year 2010-11, it was announced that Urban Co-operative Banks (UCBs) would be allowed current account and SGL account with the Reserve Bank as also membership of INFINET and RTGS. The relevant paragraph of the Review is reproduced below.
In this connection, we enclose a copy of the circular DPSS. (CO). EPPD. No.863 / 04.03.01 / 2010-11 dated October 14, 2010 issued by the Department of Payment and Settlement Systems of the Reserve Bank of India. All Primary (Urban) Co-operative Banks are advised to put in place appropriate systems and procedures to ensure compliance with the prescriptions contained in the above circular.
Based on requests received from the participant member banks, it is clarified that the revised customer charges for the transactions routed through RTGS are applicable for amounts starting from ` 2 lakhs and above.
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