Seeking to consolidate guidelines for Domestic Money Transfer to help unbanked populations like migrant workers access formal banking, the Reserve Bank of India introduced fresh directions effective Wednesday permitting walk-in customers at bank branches to remit up to Rs 50,000 via NEFT directly into a beneficiary account using the cash pay-in service, while banks are simultaneously empowered to permit transactions up to Rs 5,000 per transaction with a monthly cap of Rs 25,000 per remitter through ATMs and Business Correspondents, and furthermore allowed to facilitate cash pay-out services where money from customer accounts is delivered as cash to recipients without bank accounts through ATMs, agents, or authorized channels up to a maximum of Rs 10,000 per transaction and a monthly aggregate ceiling of Rs 25,000 per beneficiary, noting that card-to-card transfers stand excluded from these rules and that banks and non-banks must deploy robust safeguards, velocity monitoring, customer alerts, immediate tracking of unusual credit spikes, and alert mechanisms for suspicious transactions to ensure secure, real-time or near real-time fund delivery.
