Also Read | 7th Pay Commission Ends Dec 31: 55% Salary Growth in 10 Years (2025)

1. The Digital Surge: Volume vs. Value

While digital adoption is universal, the RBI report highlights a clear divide in how different platforms are used:

• The “Small-Ticket” Revolution: Digital payment volumes grew by 35%, largely driven by UPI. The average value of a retail digital transaction dropped to ₹3,830 (down from ₹4,382), indicating that Indians are now using digital modes for even the smallest daily purchases.

• UPI vs. RTGS: UPI dominates 85% of transaction volume, making it the king of retail. However, RTGS remains the backbone of the economy by value, handling 69% of the total transaction value despite accounting for only 0.1% of the volume.

• The Card Shift: Credit card usage continues a steady climb, while debit card transactions have entered a consistent decline as users migrate to UPI-linked bank accounts.

Also Read | 7th Pay Commission Ends Dec 31: 55% Salary Growth in 10 Years (2025)

2. Payment Aggregators: New “Infrastructure” Status

On September 15, 2025, the RBI issued a landmark Master Direction that reclassifies Payment Aggregators (PAs) from mere “pipes” to critical financial infrastructure.

• Three Categories: PAs are now formally split into PA-Online, PA-Physical (for POS terminals), and PA-Cross Border (for international trade).

• Capital & Governance: Non-bank PAs must maintain a net worth of ₹15 crore at the application stage, rising to ₹25 crore within three years. Promoters must also meet “fit and proper” criteria similar to bank directors.

3. AePS Security: Stricter Norms from Jan 1, 2026

To combat rising biometric fraud, the RBI’s June 27, 2025 directive introduces “bank-grade” security to the Aadhaar Enabled Payment System (AePS), effective this week:

• Mandatory Re-KYC: Any AePS Touchpoint Operator (ATO) who remains inactive for three consecutive months must undergo fresh KYC before resuming operations.

• Real-Time Monitoring: Acquiring banks must now monitor operators for “velocity” (too many transactions in a short time) and location-based risks to prevent identity theft.

Also Read | 7th Pay Commission Ends Dec 31: 55% Salary Growth in 10 Years (2025)

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The Reserve Bank said in a circular on Monday that all banks directly or indirectly associated with the ‘Real Time Gross Settlement’ (RTGS) i.e. real-time payment system and ‘National Electronic Fund Transfer’ (NEFT) system are advised to provide this facility before April 1, 2025. Currently, those sending money under the Unified Payment Interface (UPI) and Immediate Payment Service (IMPS) system have the facility to verify the name of the beneficiary before starting the process.

RBI has decided to set up a similar facility. This will allow the sender to verify the name of the beneficiary’s bank account before initiating a transaction using RTGS or NEFT system. RBI has advised the National Payment Corporation of India (NPCI) to develop this facility and include all banks in it. It has been said that the banks which are participants of RTGS and NEFT system will provide this facility to their customers through internet banking and mobile banking.

This facility will also be available to individuals visiting bank branches to make transactions. The central bank’s circular states that the aim of this initiative is to curb irregularities and fraud for those sending money using RTGS and NEFT systems. Under this system, there will be a facility to verify the name of the bank account in which the money is being transferred before starting the process of sending money.

This will curb errors and fraud. Through this facility, the beneficiary account name will be obtained from the bank’s ‘Core Banking Solution’ (CBS) based on the beneficiary account number and IFSC entered by the remitters. It says, “The beneficiary account name provided by the beneficiary bank will be displayed to the remitter. If for any reason the beneficiary name cannot be displayed, the remitter can take steps to send the money at his discretion.”

RBI said that NPCI will not keep any data related to this facility. In case of dispute, the remitting bank and the beneficiary bank will resolve the matter based on the ‘lookup’ reference number and the respective ‘log’. Customers will not have to pay any fee for the facility of viewing the beneficiary account name without any charge.

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But sometimes customers also face such a situation that it fails on doing NETF or RTGS or any kind of money transaction from their account. Money does not reach the beneficiary’s account after the transfer. So what to do in such a situation? Let’s know the rules.

What if NEFT transaction fails?

In NEFT or National Electronic Fund Transfer, it usually takes 15 minutes for the money to arrive in the beneficiary’s account. In some cases it may take longer than this. Enough is enough, the beneficiary can get the money in two hours. But if there is something wrong then the money may not be credited at all. It is possible that the customer has wrongly entered the account number and other details of the beneficiary. If the details are not wrong and still the money has not arrived, then you can wait for some time and see. In these cases, either the money comes within two hours or the bank returns the money to your account. If this does not happen then you should go to the bank.

Will the bank pay the fine?

According to RBI rules, if the beneficiary’s account is not credited within two hours of the transaction, or the money is not returned to the sender’s account, then the bank has to pay a penalty. Without waiting whether the customer lodges a complaint on his behalf or not, the bank has to pay a penalty of 2% to the customer’s account for the number of days the bank is late with the RBI’s LAF (Liquidity Adjustment Facility) Repo Rate. Right now the LAF Repo Rate is running at 6.50%. On adding 2% to this, the bank will have to pay a penalty of 8.50%.

What if RTGS transaction failed?

Almost the same rules apply for this type of transaction. Usually, after the transfer is completed from the sender’s bank account, the money is transferred to the beneficiary’s account in real time.

The beneficiary bank has to credit the amount to the beneficiary’s account within the next 30 minutes and send the message, but in case the beneficiary does not receive the amount, the beneficiary bank will either credit the amount within 1 hour of receiving the transaction receipt on the payment interface Money has to be sent to the sender’s bank within or before the end of the RTGS business day, after which the bank sends it back to his account. Here also the bank has to pay the penalty. On adding 2 percent to the 6.50% LAF Repo Rate, the bank will have to pay a penalty of 8.50%.

What if the details of the beneficiary were wrongly given?

If the customer had given wrong account details of the beneficiary, then he can put a written application in the bank regarding this and ask for cancellation of the transaction. You are not trapped in such a situation, for this it is necessary to check the account number and other details very well while doing the transaction.

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You would think that when money can be sent online from everyone, then what is the difference between them and which option would be right to use for which type of transfer.

Actually, most of the people who transfer money online still have confusion about it. However, all these three options allow you to transfer money safely and fast. Despite this, there is a big difference between these three options and it is very important for you to know their features.

RTGS is the way for big transfers

Banks have also given the option to transfer money online through Real Time Gross Settlement (RTGS). This route is used to transfer large funds that require immediate remittance. Only funds above Rs 2 lakh can be transferred through RTGS.

It transfers money on real time basis. For example, here you clicked and there the money will be deposited in the account of the person in front. However, the benefit of this facility is available only on working days from 8 am to 4.30 pm. However, you may have to pay some transaction charges for this facility.

NEFT provides not one but four facilities

National Electronic Fund Transfer (NEFT) is also a very easy way to transfer money online. Through this you can send money anywhere within the country. There is no limit to send minimum and maximum money in this option. Not only this, no charge has to be paid for this. You will get this facility 7 days a week and 24 hours. Not only can you transfer money through NEFT, but you can also complete credit card bill, loan payment and foreign exchange work.

If you want to send money immediately, then IMPS

facility is also useful for sending money online. If you have to send money to someone’s account immediately, then take advantage of the Immediate Payment Service (IMPS). This option gives you the convenience of sending money at any time. Money can be sent through IMPS even on holidays. In this also there is no limit to send maximum and minimum money.

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The reason for this is annual closing. In this regard, the central bank has issued a release on 21 March. Actually, the financial year 2022-23 will end on 31st of this month. That’s why RBI has told the banks that all the transactions related to the government of this month should be settled by 31st March. He has asked the banks to take special care for this. The financial year in India starts from 1st April and ends on 31st March of the next year.

RBI’s press release said, “All agency banks will have to keep their designated branches open for government related over the counter transactions till normal working hours on March 31.” The central bank has also said that transactions through the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) systems will continue till 24:00 (12 midnight) on March 31.

The release also said that special clearing will be conducted for collection of government cheques, for which the Department of Payment and Settlement Systems (DPSS) will issue necessary instructions. DPSS comes under RBI. The reporting window for reporting Central and State Government transactions will remain open on March 31 till noon on April 1. These will also include GST/TIN2.0/e-receipts luggage files.

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Although this step can greatly benefit the customers. In fact, IDFC First Bank has announced Zero Fee Banking on December 17 on savings accounts. With this, charges have been waived on 25 commonly used banking services.

Banking services announced

include cash deposit and withdrawal at branches, third party cash transactions, demand draft, IMPS, NEFT, RTGS, check book, SMS alerts, interest certificates, insufficient balance for ATM transactions, international ATM usage etc. Are included. The bank has announced this facility on the occasion of its foundation day on 18th December.

People will get benefits

The bank said that customers maintaining an average monthly balance of Rs 10,000 as well as Rs 25,000 in AMB (Average Monthly Balance) savings account will enjoy these benefits. This will benefit all customers and especially those with low financial literacy who find it difficult to calculate fees and charges, the bank said.

IDFC FIRST Bank 25 ZERO Fee Banking Services.

1. Number of cash transactions (cumulative of deposits and withdrawals) at branches per month.

2. Value of cash transactions at branches (cumulative of deposits and withdrawals).

3. Third-party cash transaction fee at branches (cumulative of deposits and withdrawals).

4. Demand Draft/PO (Issue Fee) – At Bank Location

5. IMPS Charges per Transaction- Outward

6. NEFT Charges per Transaction – Outward (Branch)

7. RTGS Charges per Transaction – Outward (Branch)

8. Check Book Charges

9. SMS Alert Charge

10. Issue of duplicate statement

11. Passbook Charges

12. Balance Certificates (fee per certificate)

13. Interest Certificate (fee per certificate)

14. Closure of Account (from the date of opening of account)

15. ECS Return Charge

16. Stop Payment Charges

17. International ATM/POS Transaction Charges

18. Charges for insufficient balance per ATM transaction

19. Standing Instruction Charge

20. Manager Cheque/Demand Draft Cancellation/Revalidation

21. Photo Verification Fee

22. Signature Verification Fee

23. OLD RECORDS/COPY CHARGES OF PAID CHECKS

24. Address Verification Charges

25. Any delivery returned by courier for negative reasons

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Apart from this, a new portal has been created by the Income Tax Department for form correction and income tax return filing. Apart from all these amendments, the Income Tax Department has also unveiled a new system for paying taxes (itr filing) . Taxpayers can now pay their taxes using credit card or UPI as well

Any taxpayer can pay his taxes on the NSDL website using the facility provided by the Income Tax Department with the help of a debit card issued by an authorized bank and net banking from 16 banks.

If you’re in this situation and don’t have an account with one of these banks, paying your taxes can be difficult, but you don’t need to worry.

Pay through these also As part of the new service provided by the Income Tax Department, apart from debit cards, tax payments can also be made through credit cards, online banking, pay-at-bank counters, UPI, RTGS and NEFT. Could

How to pay using UPI and Credit Card?

• First of all login to the e-filing portal using your username and password.
• Now from the menu of the e-file portal, select the new payment option under the e-pay tax option.
• Select the type of tax you want to pay and then proceed.
• Select the assessment year and the tax year for which you want to make the payment.
• After that, provide the details on the tax breakup which includes the details of tax, surcharge, cess etc.
• Now, you can pay using Credit Card, Net Banking Account, Bank Branch, UPI, RTGS or NEFT.
• Any of these payment methods can be used to pay taxes.
• Download e-invoice as soon as the payment is done. In addition, the Income Tax Department will send you postal and SMS notifications on tax payments.

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Along with this, PNB has also revised the National Automated Clearing House (NACH) e-mandate charges.  If your account is with Punjab National Bank (PNB), then there is important news for you. Public sector lender Punjab National Bank has increased the service charges for National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) and transactions.

The bank had made this announcement on May 20, 2022, now it has increased the listed service charges on RTGS, NEFT, and NACH emandate transactions. Along with this, PNB has also revised the National Automated Clearing House (NACH) e-mandate charges. Let us know how much has been increased by PNB as fee.

Changes in RTGS rules

According to PNB, Rs 24.50 will be charged for RTGS charges for offline transactions. At the same time, 24 rupees will have to be paid for online transactions. Earlier, Rs 20 was charged as RTGS for offline transactions at branch level. Earlier, RTGS charges on Rs 5 lakh and above were Rs 40, which has been increased to Rs 49.50. At the same time, it is Rs 49 for online charge.

Changes in NEFT Charges

National Electronic Funds Transfer (NEFT) charges have changed. According to the PNB website, “The savings account will not charge customers for NEFT fund transfers initiated online. NEFT charges will be levied on transactions other than those taking place outside PNB.

PNB NEFT Fees

2.00 at the bank branch earlier for NEFT transactions up to Rs.10,000/- and there was no charge for online transactions. But now the branch will charge Rs 2.25 and for online transactions it has been reduced to Rs 1.75.

Earlier, service charges were Rs 4.00 in-branch and nil online for transactions from Rs 10,000/- to Rs 1 lakh, but now they have been increased to Rs 4.75 for in-branch and Rs 4.25 for online transactions.

Earlier, the service charges were Rs 14.00 in-branch and nil online for transactions from Rs 1 lakh to Rs 2 lakh, but now they will be Rs 14.75 in-branch and Rs 14.25 for online transactions.

Service charges at branches have been increased from Rs 24.00 to Rs 24.75 for NEFT transactions above Rs 2 lakh and to Rs 24.25 for online transactions.

All the above charges are exclusive of applicable GST. PNB has mentioned on its website that there is no charge to the savings bank account holders for NEFT fund transfer initiated online.

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Changes in the rules of RTGS

According to the information given by PNB, the RTGS charges have been reduced to Rs 24.50 for offline transactions and Rs 24 for online transactions, as against Rs 20 for offline transactions at the branch level earlier. Apart from this, RTGS fee has also been reduced. For amounts of Rs 5 lakh and above, it has been increased from Rs 40 to Rs 49.50 earlier. Its online fee has been reduced to Rs 49

Change in charges of NEFT

The charges for National Electronic Funds Transfer (NEFT) operated by Reserve Bank of India have been changed. According to the information given on the website of PNB, ‘No fee is charged from the savings account holders for the NEFT fund transfer initiated online.’ Let us tell you that NEFT charges are applicable on other than savings accounts and transactions taking place outside PNB.

Know the new charges

According to the information given by PNB, the NEFT charges for transactions up to Rs 10,000 increased to Rs 2.25 from Rs 2 earlier. The online fee for this has become Rs 1.75.

Under this, the fee for transactions at branch level has been increased from Rs 4 to Rs 4.75 for transaction amount above Rs 10,000/- and up to Rs 1 lakh, while the fee for online transactions has been fixed at Rs 4.25.

At the same time, charges above Rs 1 lakh and up to Rs 2 lakh have been increased from Rs 14 to Rs 14.75 and for online transactions to Rs 14.25. For transactions above Rs 2 lakh, it has been increased from Rs 2 to Rs 24.75.

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