NEW DELHI: The Reserve Bank of India (RBI) has consolidated rules governing domestic money transfers, which said that individuals at a bank branch can transfer up to Rs 50,000 in cash to another person's bank account through the National Electronic Funds Transfer (NEFT) system, without maintaining an account with the bank.
The framework also specified monthly limits, along with safeguards to prevent fraud and misuse. The maximum amount that can be received is Rs 10,000 per transaction, subject to a monthly limit of Rs 25,000 per beneficiary.
For cash transfers through business correspondents, ATMs and other permitted channels, the limit is Rs 5,000 per transaction, subject to a monthly ceiling of Rs 25,000 per remitter.
The rules largely consolidate existing instructions rather than introduce substantial changes to transaction limits. The framework will help migrant workers, daily wage earners and people who need to send money to family members in other parts of the country but may not have access to regular banking facilities. (IANS)