Reserve Bank of India has introduced some sweeping changes to the RTGS or Real-time gross settlement transactions.
A premium fee of Rs 5 has been introduced, even as the time period for RTGS has been extended.
Meanwhile, India’s 3rd biggest bank: Punjab National Bank has once again reported massive losses to the tune of Rs 4750 crore.
However, there is some positive news for the bank as well.
Keep reading to find out more!
As per a press release by RBI, it has been informed that the RTGS time period has now been extended from 4.30 PM to 6 PM.
Besides, the Inter-bank transactions (Final Cut-off) timing has been extended to 7.45 PM.
RTGS time window will start as usual from 8 AM, and end at 8 PM.
Besides this, RBI has revised the charges under RTGS transactions, for the customers, and the bifurcation of the charges are based on the time, not the amount.
From 8 AM to 11 AM, there shall be no charges at all.
From 11 AM to 1 PM, there will be a charge of Rs 2 per transaction.
From 1 PM to 6 PM, there will be a charge of Rs 5 per transaction.
After 6 PM, Rs 10 shall be charged for each transaction.
1 PM to 6 PM slot is the busiest one for businesses, and maybe this is the reason RBI as decided to levy a charge of Rs 5, per RTGS transaction.
RTGS transactions are done for big amounts, and used for money transfer between banks, in real time.
India’s 3rd largest public bank after SBI and Bank of Baroda: Punjab National Bank, is once again in red.
For the quarter ending March 31, 2019, PNB reported net loss of Rs 4750 crore.
This loss is still less, as for Q4 of FY18, they had reported net loss of Rs 13,416.91 crore.
Active assets of PNB has improved, which is a good sign: Net NPA stood at 6.56%, compared to 8.22% last quarter.
Overall, PNB reported an operating profit of Rs 2,861 crore, compared to an operating loss of Rs 447 crore last quarter.