RTGS and NEFT are important components of the banking system, and rules and charges related to the same have remained almost same across all major banks. The move is being seen as a means to promote digital economy. Currently, a minimal charge is applied for NEFT and RTGS transactions, but even that will be abolished by HDFC bank.With HDFC Bank taking the lead in making NEFT and RTGS transactions free, experts said that other banks may also follow suit.
The bank is also working on the other side of the spectrum by increasing the charges on cheque based transactions. The rates and charges of various banks are more of less the same, since the competition is tough and banks cannot afford to be entirely different. Now, that the NEFT and RTGS transactions have been made free by HDFC Bank, other banks are most likely to announce a similar decision. These steps are likely to motivate people to shift to NEFT and RTGS, the vital pillars of banking transactions in a digitized world. “The revision in NEFT/RTGS online charges is applicable across all retail savings, salary and non-resident customers, effective November 1, 2017,” HDFC Bank said. Issue of cheque books will also cost more. The free NEFT and RTGS transactions will come into effect from November 1.Newspatrolling: In a welcome Auto Spare Parts Manufacturers development for HDFC customers, the countrys leading bank has decided to make NEFT and RTGS transactions free of cost.
Under the present consitutional provisions, Jalan says, as a consequence of amendments carried out in 1985 and in 2013 to prevent defections, now there is also a built-in perverse incentive for the fragmentation of political parties at the time of election.He also feels it is of utmost importance that the anti-defection law be made applicable to all parties and so-called Independent members who choose to join a coalition government in power.
The same is true of the so-called Independent members who are supported by some political party during elections. Such an amendment to the anti-defection law will go a long way in strengthening the principle of collective responsibility of the cabinet to the people, as enshrined in the Constitution, says Jalan in his book India: Priorities for the Future published by Penguin. In the Lok Sabha, with 543 elected members, a party with, say 10 or 15 members (even less), can join the government, enjoy ministerial berths and then delay or help in amending a cabinet decision on an important policy measure. Jalan, who was a nominated member of the Rajya Sabha from 2003 to 2009, says that, however, if the same person is a member of a small party of five or ten members, a consensus to defect among all of them or only three or four of them, and switch from one coalition to another, is easier to achieve.
New Delhi, Aug 7 (IANS) Former Reserve Bank of India Governor Bimal Jalan says anti-defection law should be amended to reduce the built-in incentive for the fragmentation of parties and to improve governance by making members to seek re-election if they switch China Auto Brake Hose Manufacturers sides.. This is because the smaller a party, the greater the ability of an individual legislator to defect to another party in search of political power. In other words, parties that join a coalition should not be able to defect without having to seek re-election. Thus, for example a member elected from large national party has very little discretion to defect without the support of a substantial number of other members who also wished to defect. In a situation where multi-party coalitions are the norm, all regional or caste leaders with a handfull of constituencies naturally have a much greater incentive to form their own separate parties rather than join a large party, he says.