{"id":1287159,"date":"2024-11-10T12:00:28","date_gmt":"2024-11-10T06:30:28","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1287159"},"modified":"2024-11-10T12:02:56","modified_gmt":"2024-11-10T06:32:56","slug":"new-rbi-rules-formed-for-domestic-money-transfer","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/new-rbi-rules-formed-for-domestic-money-transfer\/","title":{"rendered":"New RBI Rules Formed For Domestic Money Transfer"},"content":{"rendered":"\n

New guidelines have been introduced by the Reserve Bank of India (RBI) for the Domestic Money Transfer (DMT), which would impact how users send money within India.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Effective November, the rules enforce stricter Know Your Customer (KYC) standards, aiming to boost the security of banking services and payment systems.<\/p>\n\n\n\n

Key updates in the new framework<\/strong><\/p>\n\n\n\n

In the new DMT rules, RBI has responded to the growing availability of digital payment options and banking outlets.<\/p>\n\n\n\n

India\u2019s central bank, in its July 24 circular, emphasized that the advancements in payment systems now provide users with multiple options for sending money.<\/p>\n\n\n\n

It is with the aim of ensuring compliance with financial laws as well as improvement in the security of domestic transfers that the framework has been developed.<\/p>\n\n\n\n

While transferring cash, Banks are mandated to keep a record of beneficiary’s name and address when transferring cash. This ensures transparency and accountability in cash transactions.<\/p>\n\n\n\n

\u2022            Banks and Business Correspondents (BCs) must verify the remitter\u2019s cell phone number and documents.<\/p>\n\n\n\n

\u2022            Remitters will be registered using a verified mobile phone number and a self-certified ‘Officially Valid Document’ (OVD) as per RBI guidelines.<\/p>\n\n\n\n

\u2022            An additional factor of authentication must be required in each transaction.<\/p>\n\n\n\n

\u2022            Remitting banks and their BCs must comply with provisions of the Income Tax Act regarding cash deposits.<\/p>\n\n\n\n

\u2022            Remitter banks are required to include the details of the remitter as part of the transaction message in systems like IMPS (Immediate Payment Service) and NEFT (National Electronic Funds Transfer).<\/p>\n\n\n\n

\u2022            There must be an inclusion of a specific identifier in the transaction message where the transactions cash based remittance.<\/p>\n\n\n\n

What Would It Mean for Users?<\/strong><\/p>\n\n\n\n

These changes would mean that the domestic money transfers will be more secure and compliant with legal regulations.<\/p>\n\n\n\n

For the users, additional authentication and detailed transaction records, sending as well as receiving money shall be safer as well as more reliable.<\/p>\n\n\n\n

Tashwinder Singh, CEO & MD of Niyogin Fintech said that “The RBI’s strengthened KYC procedures for walk-in money transfers are an important step towards improving financial security. These new regulations prioritise client security and fraud prevention by requiring verified mobile numbers, supplementary verification, and self-certified documentation for every transaction.”<\/p>\n\n\n\n

He added that this new rules and framework shall help build trust, particularly in the rural areas, where still cash is most significant method of payment.<\/p>\n\n\n\n

CEO of Ezeepay, Shams Tabrej said that the RBI\u2019s move “establishes a strong framework that not only protects individual users but also standardises procedures across banks and payment systems, promoting consistency and trust in transactions.”<\/p>\n\n\n\n

Tabrej also highlighted how these measures will promote digital inclusion, reinforcing user confidence in the security of digital transactions.<\/p>\n","protected":false},"excerpt":{"rendered":"

New guidelines have been introduced by the Reserve Bank of India (RBI) for the Domestic Money Transfer (DMT), which would impact how users send money within India. Effective November, the rules enforce stricter Know Your Customer (KYC) standards, aiming to boost the security of banking services and payment systems. Key updates in the new framework […]<\/p>\n","protected":false},"author":26,"featured_media":1287221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[6461],"class_list":["post-1287159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-domestic-money-transfer"],"acf":[],"yoast_head":"\nNew RBI Rules Formed For Domestic Money Transfer - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/new-rbi-rules-formed-for-domestic-money-transfer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New RBI Rules Formed For Domestic Money Transfer - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"New guidelines have been introduced by the Reserve Bank of India (RBI) for the Domestic Money Transfer (DMT), which would impact how users send money within India. 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