The Reserve Bank of India (RBI) has issued consolidated directions on domestic money transfers, retaining existing transaction limits while tightening safeguards for cash-based remittances. Individuals without bank accounts can remit funds up to Rs 50,000 to the bank account of a beneficiary through NEFT at bank branches.
For transfers through business correspondents, ATMs and other permitted channels, the limit is Rs 5,000 per transaction and Rs 25,000 per remitter per month. Cash payouts to beneficiaries without bank accounts are capped at Rs 10,000 per transaction and Rs 25,000 per beneficiary per month.
The RBI has retained mandatory remitter registration through a verified mobile number and self-certified valid document under KYC norms. Banks must include remitter details and cash-transfer identifiers in IMPS/NEFT messages, introduce transaction checks and customer alerts, investigate unusual credit patterns and report suspicious transactions. Transfers must be real-time or near real-time, with inter-bank settlements through RBI-approved systems. The directions cover banks, authorised payment operators and participants, while excluding card-to-card transfers.
