1. The Reserve Bank of India (RBI) has decided to waive off all charges on RTGS and NEFT system fund transfers from July 1, 2019.
2. The Real Time Gross Settlement System (RTGS) is meant for large-value instantaneous fund transfers while the National Electronic Funds Transfer (NEFT) System is used for fund transfers of up to Rs 2 lakh.
3. Country's largest bank SBI charges between Re 1 and Rs 5 for transactions through NEFT and between Rs 5 and Rs 50 for RTGS route.
4. The decision had been taken to provide an impetus to digital funds movement.
5. RBI also constituted a panel for reviewing the charges and fees levied by banks on the use of ATMs.