RBI Tightens Rules For Domestic Money Transfers

The Reserve Bank of India (RBI) has tightened regulations for domestic money transfers, emphasizing enhanced record-keeping and verification. For cash pay-out services, banks must record the beneficiary's name and address. For cash pay-in services, banks must register remitters using a verified phone number and a self-certified Officially Valid Document (OVD). Additional authentication for transactions is mandatory. Remitting banks must include remitter details in IMPS/NEFT messages. Card-to-card transfers remain outside this framework. These changes follow a review of the current domestic money transfer framework introduced in 2011.