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