RBI waives charges for electronic payments

The Reserve Bank of India has waived processing charges for all electronic payment products -- ECS, RTGS, NEFT and EFT -- for another year till March 31, 2009.

Fighting inflation, RBI on Tuesday sought to suck out over Rs 9,000 crore (Rs 90 billion) from the banking system by increasing statutory deposits that banks need to keep with it, a move that could put upward pressure on interest rates.

Details soon.

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