RBI Revises Framework for ‘Domestic Money Transfer’ | Mandates Remitting Banks to Keep Beneficiary Records for Cash Payout
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- By Chetan Kulasri
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- Last Updated on 26 July, 2024
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Circular No. RBI/2024-25/52 CO.DPSS.POLC.No.S415/02.27.019/2024-25, Dated: 24.07.2024
RBI has revised the extant regulatory framework of domestic money transfer services by making know-your-customer (KYC) record requirements more stringent. Under the new framework, RBI mandates the remitting bank to obtain and keep a record of the beneficiary’s name and address for cash payout.
Further, remitting banks/Business Correspondents (BCs) must register the remitter based on a verified cell phone number and a self-certified ‘Officially Valid Document (OVD)’. Also, every transaction by a remitter must be validated by an Additional Factor of Authentication (AFA).
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