RBI Working On Plan To Reduce Online Charges: Report

New Delhi: The Reserve Bank of India is working on a plan to reduce online transaction costs as it tries to encourage more digital banking, two parliamentary panel members quoted central bank governor Urjit Patel as saying on Friday.

"We are working on a mechanism to bring down transaction costs," one member of the public accounts committee quoted Mr Patel as saying. "We are speaking to all stakeholders."

Mr Patel met the panel to answer questions about the November 8 abolition of Rs 500 and Rs 1,000 notes, or 86 per cent of the currency then in circulation.

© Thomson Reuters 2017
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