RBI sets limits for domestic money transfers by walk-in customers

The RBI has issued new rules for domestic money transfers in India, effective Wednesday.

A person without a bank account can visit a branch and send up to ₹50,000 to a beneficiary’s account through NEFT.

The rules are intended to help people, including migrant workers, who may lack identity or address documents access formal transfer services.

Through business correspondents or ATMs, walk-in customers can send up to ₹5,000 per transaction, with a monthly limit of ₹25,000.

Banks can also arrange cash payouts to recipients without accounts, capped at ₹10,000 per transaction and ₹25,000 a month per recipient.

Banks and non-banks must monitor transfers for unusual activity and alert authorities to suspicious transactions.

The RBI says transfers should be completed in real time or close to it.