Financial Daily from THE HINDU group of publications
Saturday, May 22, 2004
Financial Daily from THE HINDU group of publications Saturday, May 22, 2004 |
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RBI & Other Central Banks Money & Banking - Financial Services RBI waives charges on electronic transfers Our Bureau
Mumbai , May 21 IN order to give further fillip to electronic mode of payments, the Reserve Bank of India (RBI) has announced a waiver on transaction charges on banks for Electronic Clearing System (ECS) and Electronic Fund Transfer (EFT) systems. The end customer is to benefit from this service charge waiver on banks, which is valid till March 31, 2006. "No ECS/EFT processing charges would be levied by the RBI. This would be applicable to ECS (Credit and Debit Clearing), Centralised ECS, normal EFT as well as to the Special EFT Schemes," said a press release from the RBI. The waiver would be effective June 1 i.e. in respect of data submitted by banks from June 1 and would be in vogue up to March 31, 2006.
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