RBI revises framework for ‘Domestic Money Transfer’; mandates remitting banks to keep beneficiary records for cash payout
Editorial Note : RBI has revised the extant regulatory framework of domestic money transfer services by making know-your-customer (KYC) record requirements more stringent. Under the new framework, RBI mandates the remitting bank to obtain and keep a record of the beneficiary’s name and address for cash payout. Further, remitting banks / Business Correspondents (BCs) must register the remitter based on a verified cell phone number and a self-certified ‘Officially Valid Document (OVD)’.