Nilekani panel suggests 24×7 RTGS, NEFT, elimination of all charges

To encourage digital payments, the Nandan Nilekani committee has suggested a host of measures, including elimination of charges, round-the-clock RTGS and NEFT facility, and duty-free import of point-of-sales machines. The committee, which was appointed by the RBI had submitted its suggestions on promoting digital payments to Governor Shaktikanta Das last month.

Important Takeaways for SBI PO/Clerk Mains-

  • NEFT is a nation-wide payment system.
  • RTGS (Real Time Gross Settlement) is the fastest possible money transfer system through the banking channel.
  • The minimum amount of transfer required for RTGS is Rs. 2 lakh.

Source- The Hindu

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