RBI updates domestic money transfer rules, requiring banks to record beneficiary details, effective Nov 1, 2024.
The Reserve Bank of India (RBI) has updated its framework for domestic money transfer services, making it mandatory for banks to keep records of beneficiaries' names and addresses for cash pay-out services. The revised rules, which will come into effect from November 1, 2024, also require remitting banks and business correspondents to register remitters based on a verified mobile number and self-certified officially valid document for cash pay-in services. Every transaction will also need to be validated by an additional factor of authentication.
July 24, 2024
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