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RBI Mandates Banks Not to Charge Fees for NEFT Transaction, Why Are More and More People Switching to Mastodon?

Professor of Financial Economics and Part-time Value Investor, Transfin.
Nov 9, 2019 12:26 PM 2 min read

Charge no fees on NEFT transactions from January, says RBI. Why are more and more people logging out of Twitter and singing in to Mastodon.



RBI mandates banks to not charge NEFT transaction fees from savings bank account customers.

Go Digital: In a bid to promote digital transactions in the country, the Reserve Bank of India has mandated banks to not charge savings bank account customers any NEFT transaction fees. 


While several major banks, including State Bank of India (SBI), ICICI Bank, Axis Bank, HDFC Bank, and YES Bank, currently do not charge for online NEFT transactions, some like Bank of Baroda and Union Bank of India charge INR2.25, excluding the GST, for such transfers up to INR10,000.


Zooming Out: The RBI had earlier this year waived the charges it levied on banks for transactions through NEFT and RTGS and asked the banks to pass on the benefit to the customers. Firstpost


Increasing number of users are logging out of Twitter to join the Mastodon.

#LogOut: Earlier this week, several Twitter users began migrating to an alternate social networking platform followin a protest that began with Supreme Court lawyer Sanjay Hegde’s Twitter account suspension, moving on to a larger conversation about Twitter's discriminatory policies.


Developed by a German coder, Mastodon positions itself as a “decentralised alternative to commercial platforms”. This means that no single entity (server or company) owns the data on the site. The platform allows users to post text, images, videos, and links, and also follow other people. Everything you post on the platform is "community-owned and ad-free", it claims.


On Mastodon, tweets are 'toots' and retweets are 'boosts'. Each toot can be 500-character long compared to a tweet's 280-character limit. Yourstory


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