RBI has asked all the participating banks to provide the option to the originating customer to choose between RTGS and NEFT modes of fund transfer. "The option should be made available to all the customers who may originate remittance either at the branch or through internet or any other means. The funds are to be transferred necessarily through the option chosen by the customer," RBI said in its directive to banks. RTGS and NEFT are two important pan-India payment systems introduced by the RBI keeping in mind the requirements of various customers in the wholesale and retail payment systems segment. Both these systems have distinct objectives and unique features in terms of the time criticality of payments, threshold value of transactions, mode of settlement etc. As such, the charges levied for transactions in the two systems are also different. The customers in turn, should be empowered to exercise the choice between these two systems depending upon their requirements, RBI noted.
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