LocalCircles Impact: RBI mandates no charges for NEFT and RTGS

Most of you know that since demonetisation, LocalCircles has been actively sensitising various arms of the Government on various transaction charges consumers and businesses are faced with. We are pleased to share that today RBI has mandated that no bank can charge for NEFT and RTGS. Thanks to your active participation. This is a good move and we appreciate it.

However, we will continue to sensitize the Government and RBI on the need for banks to lower MDR rates. The MDR in turn is passed by many traders and retailers to consumer and is a big impediment to Digital India and success of Digital Payments. Kindly share your most recnet experiences in the last six months in regards to why you couldnt pay digitally.

We will then conduct follow on discussions and polls if needed and work with Government stakeholders to fix whatever possible.

We look forward to your inputs! more  

View all 281 comments Below 281 comments
There should be no charges for any digital transaction from bank side as they are already reaping the benefit of Digitilization in from of reduced employee & infrastructure costs more  
Wanted to pay property tax online but the charges were more than incentive. more  
I really look forward for digital payment. But my reason is somewhat funny. My mobile got stolen (2 times) which forced me to continue with old mobile. Police department was unable to trace it. In old mobile I cannot install any application and it does not support 4G. more  
With the increase in the number of transactions, the waiver of charges is a welcome move. more  
I am also on the same page as Mr Vaitheeshwaran - Banks also should earn from this transactions which are not cost free. As an incentive to individuals the step is praiseworthy. more  
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