Domestic Money Transfer – Review of Framework - ଆରବିଆଇ - Reserve Bank of India
Domestic Money Transfer – Review of Framework
RBI/2024-25/52 July 24, 2024 The Chairman / Managing Director / Chief Executive Officer Madam / Dear Sir, Domestic Money Transfer – Review of Framework The framework for Domestic Money Transfer (DMT) was introduced in 2011, vide RBI circular DPSS.PD.CO.No. 622 / 02.27.019 / 2011-2012 dated October 5, 2011. There has been significant increase in the availability of banking outlets, developments in payment systems for funds transfers, and ease in fulfilling KYC requirements etc., since then; and now users have multiple digital options for funds transfer. A review was recently undertaken of various services facilitated in the current framework. Based on the review, the following changes are being made: a) Cash Pay-out Service
b) Cash Pay-in Service
2. The guidelines on Card-to-Card transfer are excluded from the purview of the DMT framework and shall be governed under the guidelines / approvals granted for such instruments. 3. All other instructions in the above circular dated October 5, 2011 including the limits in size of transactions shall continue to be applicable. 4. This circular is issued under Section 18 read with Section 10 (2) of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007), and shall come into effect from November 01, 2024. Yours faithfully, (Gunveer Singh) |