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Banks to provide free remittance facility for Government transactions

As per extant instructions, the remittance needs of the Government Departments are to be met by the concerned accredited agency bank free of cost. However, service charges are being levied by most of the agency banks for effecting remittance transactions of Government through ECS, EFT, NEFT, RTGS etc.

In this connection, Reserve Bank of India has reiterated that remittance transactions by accredited banks by whatever mode form part of agency transactions and has to be effected free of charge. Further, RBI has not been charging any fee from banks for ECS/EFT/NEFT and RTGS transactions.

2. RBI has , therefore, advised on 28th august 2007 that all agency banks should provide remittance facility to Ministries/ Departments of Central and State Governments to which they are accredited free of cost at their authorised branches, irrespective of the mode of such remittance.

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