All e-Banking Transactions Should be Charge-Free: Finance Minister

The Finance Minister has asked banks to make all e-banking transactions to free of charge. The Minister was appreciated by one of the public sector banks, which recently removed charges on NEFT (National Electronic Fund Transfer) and RTGS (Real Time Gross Settlement) transactions up to Rs.1 lakh.

The Minister said that he is more confident that all public sector banks will actively follow this excellent move and he also urge upon RBI to pro-actively work on this initiative. The Minister has requested the banks to minimize the use of cash from people as soon as possible. Banks must ensure that every individual in all the sectors should be able to use debit and credit cards.

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