Payments are an indispensable part of our daily transactions, be it a consumer to a business, a business to a consumer or a business to a business. Payments raise the GDP of a country thus it is mandatory that the payment systems of the country are “safe, secure, sound, efficient, accessible and authorize,” as states the mission statement of the Reserve Bank of India’s publication on Payment Systems in India (2009–12). The Reserve Bank of India continually strives towards ensuring the smooth progress of the payments system. In India it is the BPSS (Board for Regulation of Payment and Settlement Systems) which is in charge of regulating these systems.

Inter Bank Transfer is a special service that allows you to transfer funds electronically to accounts in other banks in India through:

• NEFT – The acronym “NEFT” stands for National Electronic Funds Transfer. Funds are transferred to the credit account with the other participating Bank using RBI’s NEFT service. RBI acts as the service provider and transfers the credit to the other bank’s account.
• RTGS –The acronym “RTGS” stands for Real Time Gross Settlement. The RTGS system facilitates transfer of funds from accounts in one bank to another on a “real time” and on “gross settlement” basis. The RTGS system is the fastest possible inter bank money transfer facility available through secure banking channels in India.

Customers of Dena Bank’s RTGS and NEFT enabled branches can send remittances under DENA RTGS / NEFT Scheme to any destination Bank / Branch that is registered with RBI’s RTGS / NEFT system.The Remitter has to provide the following details:

• Amount to be remitted
• Account number which is to be debited
• Name of the beneficiary bank
• Name of the beneficiary
• Account number of the beneficiary
• Remarks or description, if any
• The IFSC code of the beneficiary branch

Services charges for NEFT & RTGS :

NEFT Remittance Charges:

Outward: (i) up to Rs.1 lakh — NIL

(ii) above Rs .1 lakh to Rs . 2 lakhs – Rs.17/-

(Rs.15 Service Charges + Rs.2 Service Tax)

(iii) above Rs . 2 lakhs — Rs.25+ Service tax

(Rs.25 Service Charges + Rs.3 Service Tax)

(iv) upto Rs.50,000/- for non customers — Rs. 6/-
(Rs.5 Service Charges + Rs.1 Service Tax)

(v) Indo Nepal remittances — Rs. 6/-
(Rs.5 Service Charges + Rs.1 Service Tax)

RTGS Remittance Charges:
Outward : (i) Rs.2 lakhs to Rs.5 lakhs – Rs.28/-

(Rs.25 Service Charges + Rs.3 Service Tax)

(ii) above Rs.5 lakhs — Rs.56/-

(Rs.50 Service Charges + Rs.6 Service Tax)

As mentioned above India is one of the fastest growing countries in the plastic money segment. Already there are 130 million cards in circulation, which is likely to increase at a very fast pace due to rampant consumerism. India’s card market has been recording a growth rate of 30% in the last 5 years. Card payments form an integral part of e-payments in India because customers make many payments on their card-paying their bills, transferring funds and shopping.