Central Banking

RBI waives RTGS fees in bid to boost digital payments

Banks expected to pass the cost savings on to their customers


The Reserve Bank of India has waived the fees it previously charged banks for making use of its real-time gross settlement (RTGS) system and another major payment system, hoping to deliver a boost to digital banking.

The RBI confirmed the change on June 11 in a letter signed by general manager Sangeeta Lalwani, having previously revealed the plans at its monetary policy meeting earlier in June.

From July 1, processing fees and other “time-varying charges” levied on banks for outward

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