On Jul. 24, IND RBI revised domestic money transfer framework.
IND RBI revised Domestic money transfer framework after review was conducted.
Includes a revision with respect to cash pay-out service; the remitting bank shall obtain and keep a record of the name as well as address of the beneficiary.
Overview of Revisions
Remitting banks or business correspondents (BCs) must register the remitter using a verified cell phone number and a self-certified officially valid document (OVD).
Each transaction must be validated with an additional factor of authentication (AFA).
Compliance with Income tax act 1961, related regs for cash deposits is mandatory.
Details of remitter, specific identifier for cash-based remittances must be included in immediate payment service / national electronic funds transaction messages.
Card-to-card transfers are excluded and are governed by separate guidelines; all other instructions in original circular (of Oct. 5, 2011), i.e. transaction size limits, still apply.
Effectiveness
This circular (of Jul. 24, 2024) shall come into effect from Nov. 1, 2024.
Regulators
IND RBI
Entity Types
Bank; MSB
Reference
Nt RBI/2024-25/52, CO.DPSS.POLC.No.S415/02.27.019/2024-25, 7/24/2024
