RBI is doing a lot to move India towards a cashless economy, and one of these drastic steps include waiving the charges on financial procedures such as RTGS, NEFT and IMPS transactions. Before 1 July, through National Electronic Funds Transfer (NEFT) SBI used to charge between Re 1 and ₹5 for transactions and ₹5-50 for real-time gross settlement (RTGS) route.
The country’s largest lender has waived the intermediate payment after a lot of consideration to provide an impetus to the digital funds all across the country. As estimated by the end of March 2019 SBI witnessed a significant surge in the number of internet banking users that secured the number of a whooping 1.41 crores.
With a mobile banking share of near about 18 per cent market share. The sole aim is to attract more and more customers towards digital banking, easing the convenience of transactions. After this step, the union budget finance minister Sitharaman also announced ti take steps necessary for upgrading digital transactions all across the country.
SBI is undoubtedly the largest mortgage lender in the country that aces in terms of deposits, branches, assets, employees and customers. To promote equity and enlarge the network of money lending, the bank has taken these steps to broaden the digital sphere.