RBI/2004/211 DIT(CO).Cir.11 /09.63.99/2004
To Chairman / CEOs of all Scheduled
Commercial banks
Dear Sir,
Electronic Funds
Transfer (EFT) Scheme and Electronic Clearing Service (ECS) – Processing Charges
Please refer to the Annual
Policy Statement for the year 2004-2005 made by Dr. Y V Reddy, Governor,
Reserve Bank of India, on May 18,2004.
2. In order to give further
fillip also to other types of electronic modes ECS and EFT modes of funds transfer,
Governor announced in the Annual Policy Statement that the service charges on
banks for ECS and EFT transactions would be waived for the period upto March
31, 2006. The following are the details in this regard:
- No ECS / EFT processing charges would be levied by the RBI.
This would be applicable to ECS (Credit and Debit Clearing), Centralised ECS,
the normal EFT as well as to the Special EFT Schemes.
- The waiver would be effective from June 1,2004 i.e. in respect
of data submitted by banks from June 1,2004 and would be in vogue upto March
31, 2006.
- Banks are required to pass on this benefit to the customers
in the form of a reduction in the charges being levied for such transactions.
3. It may be recalled that the Reserve Bank
had waived the processing charges for EFT transactions for two years, as indicated
by our circular DIT(CO).Cir 9 /09.63.99/2004 dated December 11,2003. This measure
was undertaken to encourage electronic mode of payments which is fast and efficient.
4. The steps taken by you to pass on the
benefit in terms of the change in tariff may be advised to us along with details
of pre and post waiver charges, at an early date.
Yours faithfully,
(R Gandhi)
Chief General Manager-in-charge
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