RbiSearchHeader

Press escape key to go back

Past Searches

Theme
Theme
Text Size
Text Size
S2

Notification Marquee

RBI Announcements
RBI Announcements

RbiAnnouncementWeb

RBI Announcements
RBI Announcements

Asset Publisher

79107175

Retail Electronic Payment Systems - NEFT / NECS / RECS / ECS - Levy of Processing Charges

RBI/2010-11/559
DPSS (CO) EPPD No. /2649/ 04.03.01/2010-11

June 02, 2011

The Chairman and Managing Director / Chief Executive Officer
of member banks participating in  NEFT / NECS / RECS / ECS

Madam / Dear Sir,

Retail Electronic Payment Systems – NEFT / NECS / RECS / ECS – Levy of Processing Charges

As you are aware, the Reserve Bank of India has been waiving processing charges for retail electronic payment products (NEFT, NECS, RECS and ECS) since the year 2006 in order to promote the usage of these systems. The last waiver was valid up to March 31, 2011.  In recent years, the usage of these products has increased considerably.  While the originating banks are levying charges on their customers, there has been no compensation paid to the processing centers and destination banks. There has been demand for compensation from the paying banks / processing centres.

2. On a review and after consultation with stakeholders, it has now been decided to permit  Clearing Houses / processing centers to levy charges on the originating banks as under :-

  • 25 paise (exclusive of service tax) for every outward transaction
  • 25 paise (exclusive of service tax) for every return transaction

3. As regards the compensation to destination banks, it has been decided that destination banks may be paid by the originating banks as below :-

  • 25 paise (exclusive of service tax) for every credit transaction
  • 50 paise (exclusive of service tax) for every debit transaction

The necessary data on number of transactions originated and received by each bank will be provided by Clearing Houses / Processing Centers on a monthly basis. Using this, banks may put in place necessary systems to calculate the compensation payable / receivable to / from other banks and settle the same amongst themselves.

4. The charges may be collected on a monthly basis. The participant banks are not permitted to pass on these charges to customers.

5. These charges will be applicable from July 01, 2011. All Clearing Houses / processing centres are required to put in place a system of recovering their processing charges, and also dissemination of suitable data to banks as above.

6. Please confirm the receipt of this letter and action taken in the matter. 

Yours faithfully

(G. Padmanabhan)
Chief General Manager

RbiTtsCommonUtility

प्ले हो रहा है
শুনুন

Related Assets

RBI-Install-RBI-Content-Global

RbiSocialMediaUtility

রিজার্ভ ব্যাঙ্ক অফ ইন্ডিয়া মোবাইল অ্যাপ্লিকেশন ইনস্টল করুন এবং সাম্প্রতিক সংবাদগুলিতে দ্রুত অ্যাক্সেস পান!

Scan Your QR code to Install our app

RbiWasItHelpfulUtility

এই পেজটি কি সহায়ক ছিল?