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The transaction cost comprises two components—RBI’s charges plus banks’ services charges based on the infrastructure cost they incur. While share of RBI’s levy is expected to go away, bank charges would continue to exist.
State Bank of India has waived charges on NEFT and RTGS transactions through internet and mobile banking from July 1, after the RBI decided to do away with the charges with an aim to move the country towards less-cash economy.
The country’s largest bank, which has about 25 per cent market share, has also decided to do away with the charges on fund transfer through mobile phones using the IMPS (immediate payment service) from August 1.