With the objective of streamlining instructions related to Domestic Money Transfer, the central bank has rolled out the Reserve Bank of India (Domestic Money Transfer) Directions, 2026, ensuring that individuals including migrant workers without traditional identity or address documents can easily execute small-value transactions through formal channels, wherein walk-in customers at bank branches can now leverage the cash pay-in option to transfer funds up to Rs 50,000 straight into a beneficiary account using NEFT under the framework that came into force on Wednesday, while banks are also authorized to enable transactions up to Rs 5,000 per transaction and a monthly limit of Rs 25,000 per remitter through Business Correspondents and ATMs, in addition to offering cash pay-out services where customer funds can be delivered in cash to recipients lacking bank accounts via ATMs, Business Correspondents, or authorized channels subject to a maximum of Rs 10,000 per transaction and a monthly ceiling of Rs 25,000 per beneficiary, with card-to-card transfers kept out of scope and institutions instructed to implement strong safeguards, velocity checks, immediate investigation protocols for abnormal activity, and prompt reporting of suspicious transactions alongside maintaining real-time or near real-time fund transfer processing.
RBI’s New DMT Directions Allow Walk-In Customers to Remit Up to Rs 50,000
