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RBI - scraps charges on RTGS/NEFT transactions from July 1; asks banks to pass on benefits

Good news for customers! The Reserve Bank of India is scraping out charges that are applied on funds transfer carried out either by NEFT or RTGS. The central bank has asked to pass on the benefits to customers, essentially asking banks to do NEFT & RTGS transfers free of cost. This move is taken so as to boost digital transactions. The RBI will also review the charges imposed by banks on ATM withdrawals.