Banks to charge fee for EFT

@rohz1906 (205)
India
February 24, 2010 11:14am CST
Reserve bank of India has adviced all banks to speed up on the performance on the EFT and for which it is now going to charge a fee w.e.f march 2010 for this service to its customers;which was until today cost free since its start in 2005. In India there are about 60 lakh customers who use online service for EFT. It's free all over the globe then why does RBI charge a fee? In developed countries the banks in order to attract its customers towards technology ,are giving this service free of cost. Is the RBI right in doing so?
1 response
@samson1967 (7422)
• India
24 Feb 10
Whatever the rules RBI implements it is for the welfare of the economy. Electronic Fund Transfer requires the expertise of the experienced staff in the field of forex.
@rohz1906 (205)
• India
24 Feb 10
what if people start going to the banks to deposit cash to save the EFT charges? Aren't there any better ways to improve the economy than charging this fee ?