The Finance Ministry has asked public sector banks to take steps to reduce the fee to zero for electronic transfer of funds up to one lakh rupees. In a recent communication to the state-owned banks, the Ministry had asked them to reduce the National Electronic Funds Transfer (NEFT) charges to zero, for value up to 1 lakh rupees.
At present, most banks charge a maximum fee of 5 rupees per transfer of funds up to 1 lakh rupees from one account to another through NEFT system. Transfer of funds up to 10,000 rupees through NEFT system attract a maximum charge of 2.50 rupees per transaction.The government has been asking banks to encourage transactions through e-payment channels so as to reduce the number of transactions through cheques and other expensive modes of transactions
The public sector banks have also been asked to identify top 20 per cent branches in respect of business volumes to bring down the number of cheque based transactions by at least one-fifth in the current financial year.
The banks have also been asked to ensure that all payments and disbursements by them, except sundry payments, are made only electronically.
At present, most banks charge a maximum fee of 5 rupees per transfer of funds up to 1 lakh rupees from one account to another through NEFT system. Transfer of funds up to 10,000 rupees through NEFT system attract a maximum charge of 2.50 rupees per transaction.The government has been asking banks to encourage transactions through e-payment channels so as to reduce the number of transactions through cheques and other expensive modes of transactions
The public sector banks have also been asked to identify top 20 per cent branches in respect of business volumes to bring down the number of cheque based transactions by at least one-fifth in the current financial year.
The banks have also been asked to ensure that all payments and disbursements by them, except sundry payments, are made only electronically.
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