State Bank of India, the country’s largest bank has waived charges on immediate payment services and real -time gross settlement  (RTGS) transactions through internet and mobile banking. It is applicable with effect from July 1, 2019. This is not all, the bank has also decided not to charge any fee on fund transfer through mobile phones using immediate payment service (IMPS) w.e.f August 1, 2019.

With a market share of around 25 percent, SBI is the India’s largest bank. At the end of FY 2018-19, the SBI has customers using internet banking were more than six crore customers  and those who were availing mobile banking facility were around 1.41 crores. The bank’s decision to abolish charges on using internet and mobile banking will benefit million of customers. The bank has taken this decision after receiving guidelines from RBI to promote digital transactions.