From The Hindu BusinessLine
Center-Right Owned by The Hindu Group (Kasturi & Sons)Banks can offer cash pay-in and pay-out services under revised domestic money transfer norms
What's behind this
RBI issued revised domestic money transfer norms allowing walk‑in customers to remit up to Rs 50,000 via cash pay‑in service to a beneficiary’s account through NEFT. The framework aims to facilitate small‑value transfers through formal banking channels. The directions set transaction limits, require customer verification and authentication, and include safeguards to monitor unusual fund transfers.
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RSS excerpt
The revised directions prescribe transaction limits, customer verification and authentication requirements while mandating safeguards to monitor unusual fund transfers
