The National Electronic Funds Transfer scheme was launched by the Reserve Bank of India earlier this year to facilitate online inter-bank fund transfers across India. The aim of this I believe is to reduce the volume of cheque transactions which could save time and money to banks as the new system is fully automated unlike cheques that are processed manually.
While banks incur a cost when cheques are processed (because manual labour is involved), there are no charges when it comes to electronic transfers because computers do the work. I am surprised why banks including ICICI don't charge for cheque transactions but charge customers for using the NEFT service. If at all there are inter-bank charges that they pass on to the customers, it is high time they talk among themselves to do away with such charges so that everyone stand benefitted.
Tuesday, September 29, 2009
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2 comments:
I AM TAKING UP THIS CHARGING OF NEFT BY BANKS WITH RBI. YOU ALSO KINDLY TAKE UP THE MATTER WITH RBI
Sure Saibal. Do let me know if you could include my name in your petition. I shall be happy to sign.
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