NEFT Current Affairs, GK & News

NEFT, RTGS facility for Post Office Savings Account

The Department of Post has recently rolled out the NEFT and RTGS facility for Post Office Savings Bank Account (POSB) holders. The NEFT facility has been made available from May 18th, 2022, whereas the RTGS facility will be available from May 31st, 2022. What are the benefits? With the launch of the service, Post Office ..

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Legal Entity Identifier System

The Reserve Bank of India recently announced the introduction of Legal Entity Identifier System. What is Legal Entity Identifier System? The Reserve Bank of India introduced the Legal Entity Identifier system for all payment transactions of fifty crores and above through NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement). The system is ..

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Finance minister: MDR charges not applicable for RuPay and UPI from 2020

On December 28, 2019, Finance Minister Nirmala Sitaraman announced that Merchant Discount Rate (MDR) will not be applicable on bank transactions made through RuPay and UPI platforms. Highlights The Finance Ministry has directed the banks to start campaigns to popularize UPI and RuPay debit cards. Also, the banking companies with an annual turnover more than ..

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NEFT to be available 24X7

The Reserve Bank of India has announced that the National Electronic Funds Transfer (NEFT) facility will be available round-the-clock basis from December 2019. At present NEFT payment system operated by the Reserve Bank as a retail payment system is available for customers from 8 AM to 7 PM on all working days of the week ..

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RBI Report pushes for Digital Transactions

The Reserve Bank of India (RBI) report Payment and Settlement: The Plumbing in the Architecture of India s Financial System makes the following observations about digital payments: India s effort to build a less-cash economy is gathering momentum. Digital transactions have witnessed phenomenal growth in digital transactions until March 2019. RBI has set an ambitious ..

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RBI Monetary Policy review: Repo rate lowest since 2010

The Reserve bank of India (RBI) in its bi-monthly monetary policy review reduced repo rate by 25 basis points to 5.75% from current 6.0% with immediate effect. This is RBI’s third cut this year and has reduced Repo rate at lowest since 2010. Key Highlights With Repo Rate adjusted to 5.75%, consequently Reverse Repo Rate ..

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