RBI has reviewed the framework for Domestic Money Transfer. Based on the review, the following changes are being made:
Cash Pay-out Service: The remitting bank shall obtain and keep a record of the name and address of the beneficiary.
Cash Pay-in Service:
- Remitting banks / Business Correspondents (BCs) shall register the remitter based on a verified cell phone number and a self-certified ‘Officially Valid Document (OVD)’ as per the Master Direction – Know Your Customer Direction 2016, as amended from time to time.
- Every transaction by a remitter shall be validated by an Additional Factor of Authentication (AFA).
- Remitting banks and their BCs shall conform to provisions of the Income Tax Act, 1961 and the rules / regulations framed thereunder (as amended from time to time), pertaining to cash deposits.
- Remitter bank shall include remitter details as part of the IMPS / NEFT transaction message.
- The transaction message shall include an identifier to identify the fund transfer as a cash-based remittance.
