Electronic Funds Transfer (EFT) Scheme and Electronic Clearing Service (ECS) - Processing Charges - RBI - Reserve Bank of India
Electronic Funds Transfer (EFT) Scheme and Electronic Clearing Service (ECS) - Processing Charges
RBI/2004/211 DIT(CO).Cir.11 /09.63.99/2004
May 20, 2004
To Chairman / CEOs of all Scheduled Commercial banks Dear Sir, Electronic Funds Transfer (EFT) Scheme and Electronic Clearing Service (ECS) – Processing Charges Please refer to the Annual Policy Statement for the year 2004-2005 made by Dr. Y V Reddy, Governor, Reserve Bank of India, on May 18,2004. 2. In order to give further fillip also to other types of electronic modes ECS and EFT modes of funds transfer, Governor announced in the Annual Policy Statement that the service charges on banks for ECS and EFT transactions would be waived for the period upto March 31, 2006. The following are the details in this regard:
3. It may be recalled that the Reserve Bank had waived the processing charges for EFT transactions for two years, as indicated by our circular DIT(CO).Cir 9 /09.63.99/2004 dated December 11,2003. This measure was undertaken to encourage electronic mode of payments which is fast and efficient. 4. The steps taken by you to pass on the benefit in terms of the change in tariff may be advised to us along with details of pre and post waiver charges, at an early date. Yours faithfully, (R Gandhi) Chief General Manager-in-charge
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