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Proposal to waive off bank transaction charges and decrease interest rate for credit cards to promote cashless transactions

News and Press Release - Dated:- 3-2-2017 - Reserve Bank of India (RBI) has given banks the freedom to fix bank service charges for transactions. RBI has deregulated interest rates on credit card dues. Interest rates are determined by banks with the approval of their respective Board of Directors subject to regulatory guidelines on interest rate on advances issued by RBI from time to time. RBI does not maintain information on the rate of commission charged. National Bank for Agriculture and Rura .....

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ks and prepaid payment instrument issuers shall not levy any charges on customers for transactions up to ₹ 1,000 settled on Immediate Payment Service (IMPS), Unstructured Supplementary Service Data (USSD) and Unified Payments Interface (UPI). Further, Government has issued a direction in public interest to all public sector banks not to charge fees for transactions settled on IMPS and UPI in excess of rates charged for National Electronic Funds Transfer (NEFT) for transactions above ₹ .....

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