The Reserve Bank of India (RBI) on Monday directed all banks to put in place a facility to enable a remitter to verify the beneficiary bank account name before initiating a transaction using the RTGS or NEFT system.
Direct access for non-banks to CPS lowers the overall risk in the payments ecosystem.
The NEFT system will continue to be operational as usual during this period,” a statement from RBI said.
Interim dividend for FY 2020-21 at the rate of Rs 8 per equity share of face value of Rs 10 each were declared by PFC board.
To encourage digital transactions and move towards a less-cash economy, the government inserted a new provision, Section 269SU
The move will allow bank’s customers to make payments towards the bank's credit card dues and loan obligations from other bank accounts.
Before July 1, SBI used to charge between Re 1 and Rs 5 for transactions through NEFT, and Rs 5-50 for RTGS route.
