The Reserve Bank of India (RBI) has come with an important decision regarding NEFT. From January 2020, customers may not have to pay any charges for transactions done through the National Electronic Funds Transfer (NEFT) system.
A proposal in this regard has been mooted by the RBI to give impetus to digital transactions on the third anniversary of demonetisation.
Digital payments constituted a high 96% of total non-cash retail payments during the October 2018 to September 2019. During the same period, NEFT and Unified Payments Interface (UPI) systems handled 252 crore and 874 crore transactions with year on year growth of 20% and 263%, respectively.
The RBI also plans to operationalise the ‘Acceptance Development Fund’ to increase acceptance infrastructure with from January 1, 2020.
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