UCBs - Service Charges for Electronic Payment Products/Outstation Cheque Collection/Transfer of Surplus Clearing Funds

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Published on February 02, 2009

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UCBs - Service Charges for Electronic Payment Products/Outstation Cheque Collection/Transfer of Surplus Clearing Funds

RBI/2008-09/369

UBD. PCB. Cir. No. 48/09.39.000/2008-09

February 2, 2009

To
Chief Executive Officer
All Primary (Urban) Co-operative Banks

Dear Sir / Madam,

Levy of Service Charges for Electronic Payment Products, Outstation Cheque Collection and Standardisation of charges for transfer of surplus Clearing Funds

We enclose copies of the circulars issued by Department of Payment and Settlement Systems, Reserve Bank of India, DPSS. CO. No. 611 / 03.01.03 (P) / 2008-09 dated October 8, 2008 and DPSS. CO. No. (CHD) 850 / 03.01.02 (P) / 2008-09 dated November 20, 2008 advising the framework of charges to be levied by banks for offering various electronic products, for outstation cheque collection services and transfer of surplus clearing funds for your information and necessary action. These directions have been issued under Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007) without prejudice to permissions / approvals, if any, required under any other law.

The instructions may be implemented with immediate effect, if not already done.

Yours faithfully,

(A. K. Khound)

Chief General Manager

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