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Mumbai, Aug.29

Banks should provide free remittance facility to Ministries or Departments of Central and State Governments , said a notification from the Reserve Bank of India.

The notification said that information collected from banks revealed that service charges were being levied by most of the agency banks for effecting remittance transactions of the Government through electronic clearing system (ECS), electronic fund transfer (EFT), national electronic funds transfer (NEFT), real time gross settlement (RTGS) etc. "We reiterate that remittance transactions by accredited banks by whatever mode form part of agency transactions and has to be effected free of charge. Further, the RBI has not been charging any fee from banks for these transactions." - Our Bureau

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