The Reserve Bank of India (RBI) has urged banks not to charge their savings account holders for NEFT cash transfers made online starting January 1, 2020.What is National Electronic Funds Transfer (NEFT)?According to the ICICI Bank website, “The National Electronic Funds Transfer (NEFT) system is an electronic payment system that allows for direct one-to-one payments across the country. Using this service, you can electronically transfer funds from any bank branch to any individual who has an account with any other bank branch in the country that participates in the NEFT scheme. You can also use internet banking and mobile banking to make NEFT transfers.”What is Real Time Gross Settlement…
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