The popular National Electronic Funds Transfer or NEFT for fund transfers of up to Rs 2 lakh will continue to be operational as usual during this period
RTGS, which began its operations on 26 March, 2004 with a soft launch involving four banks, presently handles 6.35 lakh transactions daily for a value of Rs 4.17 lakh crore across 237 participant banks
After constantly rising for the past several months, the volume, as well as value, of transactions through the UPI payment system dropped in March due to the 21-day nationwide lockdown imposed to combat the coronavirus infection
Bank of Maharashtra gets govt mandate to collect donations for PM CARES Fund; contributions to get I-T Act exemption
One can also remit contributions directly by electronic clearing system (ECS) to the designated savings bank account of Bank of Maharashtra.
Yes Bank users can now make over Rs 2 lakh payments towards loans, credit cards via other bank accounts
On 5 March, the RBI in consultation with the government put a moratorium on Yes Bank till 3 April, citing serious financial mismanagement at the private sector lender.
I-T Dept detects Rs 435-cr undisclosed income after raids on Tamil Nadu firm; company inflates expenditures using bogus invoices
It was found, the CBDT said, that the company would pay for such bogus expenses by cheque or RTGS and then receive the cash back.
The Income Tax Department has conducted a search and seizure operation in Tamil Nadu and detected an undisclosed income of Rs 700 crore
NEFT New Fund Transfer Timings 2019: RBI allows round-the-clock payments from December to promote digitisation
The RBI has decided to allow round-the-clock fund transfers through NEFT from December this year in order to promote digital transactions
After NEFT, RTGS, SBI waives charges on IMPS transactions through internet and mobile banking from 1 August
State Bank of India (SBI) has waived charges on NEFT and RTGS transactions through the internet and mobile banking from 1 July, after the RBI decided to do away with the charges with an aim to move the country towards a less-cash economy
Payments Council says abolishing MDR charges to dry up investment capital; will kill revenue source for industry
Abolishing merchant discount rate (MDR) to facilitate digital transaction in the country will dry up foreign capital investment besides leaving the sector without sources of revenue generation, the Payments Council of India (PCI) said on Tuesday
Fund transfers via RTGS, NEFT to cost less from 1 July; non-subsidised LPG cylinders to be cheaper by Rs 100 in Delhi
Country's largest bank SBI charges between Re 1 and Rs 5 for transactions through NEFT and between Rs 5 and Rs 50 for RTGS route
RBI removes charges on RTGS, NEFT transactions: Central bank's decision will give a much-needed boost to digital transactions
The Narendra Modi government’s Digital India drive has definitely got a boost with this RBI initiative.
RBI monetary policy: Central bank removes charges on RTGS, NEFT transactions; asks banks to pass on benefits to customers
The Reserve Bank of India (RBI) on Thursday said it has done away with charges on fund transfers through RTGS and NEFT routes to boost digital transactions and asked banks to pass on the benefits to customers
Customers must be allowed to initiate and accept a reasonable number of digital payment transactions with no charges, the committee suggested
Under Real Time Gross Settlement (RTGS) System, there is a continuous and real-time settlement of fund-transfers
Narendra Modi to launch India Post Payments Bank on 1 September; to leverage reach of 1.55 lakh post office branches
The payment bank will be used by the government to distribute NREGA wages, subsidies, pension etc
PM Narendra Modi to launch India Post Payments Bank on 21 August; to target one branch in every district
The India Post Payments Bank app which is expected to be launched on the same day will enable customers to pay for services of around 100 firms including phone recharges and bill, electricity bill, DTH service, college fees, etc., that are present on Bharat Bill payments system of NPCI
The payments bank will gradually link all 1.55 lakh post offices in the country to offer the service.
Cash crunch: Cashless economy is still far away; govt hasn't done enough to push digital transactions
The steps thus far taken by the government are few and unsubstantial like 0.75 percent cash back on card payments in petrol bunks, waiver of user charges for online booking of rail tickets, etc.
RBI has announced special measures for transaction of central and state government business by banks handling government accounts on 31 March