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ARTICLE · 02 SEPTEMBER 2024

Reserve Bank Of India (RBI)

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RBI, vide circular dated July 24, 2024, has issued certain revisions to the framework for domestic money transfer given the multiple digital options for funds transfer. Some of the key changes...

IndiaFinance and Banking
Upendra N. Sharma
Upendra N. Sharma
Gaurav Wahie
Gaurav Wahie
Alaparthi Vishal Chowdary
Alaparthi Vishal Chowdary
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Review of framework for domestic money transfer

RBI, vide circular dated July 24, 2024, has issued certain revisions to the framework for domestic money transfer given the multiple digital options for funds transfer. Some of the key changes in the framework are as follows:

  1. for the case pay-out service, the remitting bank must obtain and keep a record of the name and address of the beneficiary;
  2. for the cash pay-in service:
    • remitting banks/business correspondents must register the remitter based on a verified cell phone number and a self-certified 'Officially Valid Document' as per the Master Direction – Know Your Customer Direction, 2016;
    • every transaction by a remitter must be validated by an additional factor of authentication; and

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