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Indian banking system towards the major changes!

Thursday - June 6, 2019 4:17 pm , Category : WTN SPECIAL
The Reserve Bank takes decisions to win the trust of banks’ customers
The Reserve Bank takes decisions to win the trust of banks’ customers

RBI removed RTGS-NEFT charge; ATM withdrawals may be charge less

JUNE 06 (WTN) - As you know, there are some rules by the Reserve Bank and banks to withdraw money from ATMs. You have to pay a charge after withdrawing the money from your bank ATM or from another bank ATM after a certain limit. Many times the customers have protested against these types of charge taken by banks, but if we tell you that there will be no ATM charge for withdrawing the money at any time and from any ATM in the coming time, then you may have got into thinking.

First of all tell you that the Reserve Bank of India has decided to give the relief to the common people and has removed the charges for transfer of money from RTGS-NEFT by doing so. RBI has asked the banks to ensure that they give its full benefit to the customers. That is, it is clear that the customers will no longer pay the fees charged in RTGS and NEFT on behalf of the banks. In this way RTGS and NEFT will be cheaper.

At the same time, RBI has indicated that in the next two months, customers of ATM can withdraw money without any transaction charges. For your information, let you know that after the monetary review meeting of the RBI lasted for three days, a decision has been taken to constitute a committee. This committee will review bank fees and charges for the ATM, whose demand was being done for a long time.

This committee, set up by RBI, will tell you that how the customers of the ATMs are affected by the transaction charges. It has been said by the RBI that due to the increased use of ATM, there has been a demand for change in the fees and charges related to the ATMs for some time, and the decision has been taken to constitute the committee to resolve this issue. . The Chairman of the Reserve Bank's Committee will be the CEO of the Indian Bank Association.

As you know, after a certain limit the bank is charged for withdrawing money from the ATM. Not only this, banks also take ATM interchange fees to use each other's ATMs. Now let’s wait for the recommendations of the committee. If the RBI removes ATM charges with the consent of banks, then it will get a lot of benefit from the customers.

Indeed, this move of the RBI can be considered as a part of Prime Minister Narendra Modi's digital India campaign. Prime Minister Modi wants cash transitions in the country so that black money can be restrained and the government can know where so much money is being spent. The elimination of charge in RTGS-NEFT can also be a part of the same policy that people use net banking more and more. At the same time, if the ATM charge removes. It will provide a lot of relief to the general public. But it may be opposed by the banks that they may have to bear losses in operating ATMs by removing such charges.