Banks can offer cash pay-in and pay-out services
In short
Banks can now offer cash pay-in and pay-out services under revised domestic money transfer rules.
The new directions set transaction limits and require customer checks and authentication. They also require safeguards to spot unusual transfers.
What the reporting says
Banks can offer cash pay-in and pay-out services under revised domestic money transfer norms. The updated directions prescribe transaction limits, customer verification and authentication requirements, and safeguards to monitor unusual fund transfers. The rules set operational guardrails for domestic money transfers handled by banks.
Why it matters
Banks can offer cash pay-in and pay-out services under revised domestic money transfer norms, with transaction limits, customer verification, authentication and monitoring safeguards.