As you are aware, the Reserve Bank of India has not been levying any service charges on the members for the usage of the RTGS system since its inception.
2. In consultation with stakeholders it has since been decided to levy service charges for all outward transactions of RTGS members. The rationale behind the levy of service charges for outward transactions of members in the RTGS System is to (a) recover operational costs; and (b) to bring in further efficiency in the operations and the liquidity flows in the RTGS system. Inward transactions of the members will not attract any service charges and will continue to be free as hitherto.
3. The RTGS service charges would have three components (i) membership fee, (ii) transaction fee and (iii) time-varying tariff as follows:
(i) Membership fees
Type of Membership
Type of entities
Monthly Membership Fee
Type A
Banks other than co-operative banks
` 4,000
Co-operative Banks
` 2,000
Type B
Primary Dealers
` 2,000
Type D & E
Clearing entities and Special/other entities
` 2,000
(ii) Transaction fee (per transaction)
Band
Monthly Volume
Charge per transaction
From
To
1
1
25,000
` 0.50
2
25,001
50,000
` 0.40
3
50,001
100,000
` 0.30
4
100,001
and above
` 0.10
(iii) Time varying tariff
Block
Time of settlement at the Reserve Bank of India
Charge per transaction
From
To
1
09:00 hours
12:00 hours
Nil
2
After 12:00 hours
15:30 hours
` 1.00
3
After 15:30 hours
17:30 hours
` 5.00
4
After 17:30 hours
` 10.00
4. If a RTGS member desires to pass on the time varying tariff to its customers, the charges so levied should not exceed the time varying tariff that Reserve Bank of India is collecting from the RTGS member. The RTGS member should follow the same time band (prescribed by the Reserve Bank of India) while levying the time varying tariff on their customers. Accordingly, members are advised to time-stamp all customer initiated payment transfers to avoid any customer claims and disputes in future. Membership fees and transaction fees cannot be passed on to customers.
5. Accordingly, inclusive of the time varying tariff, the maximum customer charges that can be recovered by a member from its customers (if it so desires) would be as under:
