e-Money Transfer To Be Faster, Costlier From March 1
Posted on Tue Feb 23, 2010 at 08:49:17 PM EST
Online transfer of funds from bank accounts may soon become faster, but this can lead to higher charges for customers, as banks may have to pay the Reserve Bank a fee for this service from April 1.
The National Electronic Fund Transfer (NEFT), which allows bank customers to transfer funds electronically, has been a highly successful service ever since it was launched in late 2005.
In a circular to the chiefs of all member-banks providing the NEFT service, the RBI has asked the banks to take necessary measures to "strengthen the NEFT system in terms of availability, convenience, efficiency and speed" from March 1
Source: The Tribune e-Money Transfer To Be Faster, Costlier
By ugesh sarkar, Section Banking & RBI
Posted on Tue Feb 23, 2010 at 08:49:17 PM EST
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