Articles for Money Transfer

Revised Framework On Domestic Money Transfer

Following this, RBI announced the revised framework on July 24, 2024[2], to be effective from November 1, 2024 (“Revised Framework”), aimed at enhancing the DMT system established in 2011. Under the Revised Framework, RBI noted that since the DMT Framework, there has been a notable increase in the number of banking outlets, advancements in payment systems for fund transfers, and ease in fulfilling of Know Your Customer (KYC) requirements.