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Updated: 13-10-2025 at 6:49 AM
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The Indian central bank, the Reserve Bank of India (RBI) has introduced changes to the Domestic Money Transfer (DMT) norms from the next fiscal starting November 1, 2024. Most of these, this new set of rules is intended to improve security, facilitate verification procedures as well as make domestic money transfers safer for all. As the percentage of cashless and digital transactions increases in India these changes enhance the regulatory framework for banking and payment systems.
Below are the key points regarding the money transfer rules:-
Enhanced KYC Standards
Beneficiary details such as their names and addresses have to be collected and maintained by banks for all cash transfers to enhance the relationship between the transfer and the beneficiary.
This takes about 1-2 working days to complete as the verification of the remitter details submitted by the customer through their account information is done.
Verifying The Remitter Details
Mandatory Registration For Remitters
Secondary Authentication for Transaction
Compliance With The Income Tax Rules
Clear Transaction Messaging
Updated Cash Pay-out Limits
Identity Verification Enhancement
Special provision for electronic money transfers from or to a payment card
Cash payout service enables the customer to transact cash disbursal to a third party who does not have an account with a bank. This facility was launched in the year 2011 and enabled remitters to transfer balances to cash amounts to non-account holders through ATM or BC. New rules mean that a 10,000 Rs limit has been set on the number of transactions per transaction while the limit of 25,000 Rs per month sticks.
New guidelines for money transfer from RBI which is effective since 01.11.2024 envisage the improved protection of transactions under digital money and cash. By increasing KYC standards and integrating more authentication steps, the RBI aims to make banking more secure, clear and convenient for users.
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