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Electronic fund transfers set to be free

New Delhi: in a move that would bring relief to bank customers, the government has asked the Reserve Bank to work out a framework under which funds could be transferred electronically free of charge from one account to the other.

These suggestions were made by Finance Minister Pranab Mukherjee in his address at a meeting with chief executives of the public sector banks, which among others, was also attended by RBI Deputy Governor K C Chakrabarty.

At present, banks charge between Rs 5 to Rs 55 for electronic transfer of funds from account of one bank to another through National Electronic Fund Transfer (NEFT) and Real Time gross Settlement (RTGS).

“I would also urge upon Reserve Bank of India (RBI) to proactively work on this front and to see that all electronic banking transactions should be possible without any charges being levied,” Mukherjee had said yesterday.

Cost free electronic transaction would encourage customers to use this

<a href=",2005:cluster=, 13 Jun 2012 12:07:57 GMT”>Electronic fund transfers set to be free