RBI removes card-to-card transfer from local money transfer framework
This story was originally published at 17:48 IST on 24 July 2024
Register to read our real-time news.Informist, Wednesday, Jul 24, 2024
NEW DELHI – The Reserve Bank of India today said card-to-card transfers will be excluded from the purview of the domestic money transfer framework introduced in 2011, and instead, will be governed under the guidelines specified for such instruments. The revised domestic money transfer framework will be effective from Nov 1.
The central bank also said a remitting bank in a cash pay-out service shall obtain and keep a record of the name and address of the beneficiary.
For cash deposits, remitting banks or Business Correspondents will have to register the sender based on a verified cell phone number and a self-certified 'Officially Valid Document’, the RBI said. All transactions by a remitter will also have to be validated by an Additional Factor of Authentication.
"Remitting banks and their BCs (Business Correspondents) shall conform to provisions of the Income Tax Act, 1961 and the rules / regulations framed thereunder, pertaining to cash deposits," the RBI said. End
Reported by Shubham Rana
Edited by Vidhi Verma
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
