Fund transfers via RTGS, NEFT to cost less from July 1
Mumbai: The Reserve Bank of India Tuesday said it will waive all charges on fund transfer through popular RTGS and NEFT systems from July 1 and asked banks to pass on the benefits to customers from the same day.
The Real Time Gross Settlement System (RTGS) is meant for large-value instantaneous fund transfers while the National Electronic Funds Transfer (NEFT) System is used for fund transfers of up to Rs 2 lakh.
Country's largest bank SBI charges between Re 1 and Rs 5 for transactions through NEFT and between Rs 5 and Rs 50 for RTGS route.
Following up on the announcement made on June 6 after the bi-monthly monetary policy review, the RBI said it has reviewed the various charges levied by it on the member banks for transactions processed in the RTGS and NEFT systems.
In order to provide an impetus to digital funds movement, the central bank further said it has been decided that with effect from July 1, 2019, processing charges and time varying charges levied on banks by RBI for outward transactions through the RTGS, as also the processing charges for transactions processed in NEFT will be waived by the Reserve Bank.
"The banks are advised to pass on the benefits to their customers for undertaking transactions using the RTGS and NEFT systems with effect from July 1, 2019," it said.
The Reserve Bank levies "minimum charges" on banks for transactions routed through its RTGS and NEFT, and banks, in turn, levy charges on their customers.
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Noida airport to begin ops next month with IndiGo flights to Lucknow, Bengaluru
Noida (PTI): IndiGo on Thursday announced that it will start commercial flight operations from the Noida International Airport in Jewar from June 15, becoming the launch carrier for the greenfield airport in western Uttar Pradesh.
The first day flights will be to and fro Lucknow and Bengaluru, the airline said in a statement.
Noida International Airport was inaugurated by Prime Minister Narendra Modi on March 28.
IndiGo said it will be the first carrier to start commercial services from the airport, the third in the National Capital Region (NCR).
According to the airline, inaugural flights on June 15 will operate on the Lucknow-Noida-Bengaluru-Noida-Lucknow sector.
As per the announced schedule, flight 6E 2278 will depart from Lucknow at 7.05 am and arrive in Noida at 8.05 am before departing for Bengaluru at 8.35 am and landing there at 11.05 am.
The return flight, 6E 2279, will leave Bengaluru at 3.45 pm and reach Noida at 6.20 pm before departing for Lucknow at 6.55 pm and arriving there at 8 pm.
IndiGo said it will gradually introduce direct flights connecting Noida International Airport to more than 16 destinations across the country, including metro cities such as Bengaluru and Hyderabad, besides tier-2 and tier-3 cities like Amritsar, Chandigarh, Dharamsala, Jaipur, Lucknow, Navi Mumbai, Pantnagar and Srinagar.
The airline said bookings for the flights are being opened in phases through its website, mobile application and authorised travel partners.
Aloke Singh, Chief Strategy Officer of IndiGo, said the airline was pleased to announce the launch of operations from Noida International Airport.
"Strategically positioned on the Yamuna Expressway, Noida International Airport will be the new gateway for western Uttar Pradesh alongside the NCR. As we continue to expand our operations, we remain committed to delivering affordable, on-time and hassle-free travel experiences," Singh said.
IndiGo said the airport is expected to emerge as a major domestic aviation hub and will strengthen connectivity between Delhi-NCR and western Uttar Pradesh through integrated road and rail infrastructure.
