Walk-in customers at bank branches can utilise the cash pay-in service to remit funds up to ₹ 50,000 directly to a beneficiary’s bank account through NEFT, the Reserve Bank said on Wednesday.
On payment of amounts transferred from a bank account (Cash Pay-out Service), banks are permitted to provide services which facilitate transfer of funds from the accounts of their customers for delivery in cash to the recipients not having bank accounts at an ATM or through an agent appointed as Business Correspondent, or through any other authorised payment channels. With a view to harmonising and consolidating the extant instructions relating to Domestic Money Transfer (DMT), the central bank has issued the Reserve Bank of India (Domestic Money Transfer) Directions, 2026. Banks are also permitted to allow such customers to transfer funds to a bank account of a beneficiary through Business Correspondents (BCs) and ATMs up to a maximum amount of ₹ 5,000 per transaction with a monthly cap of ₹ 25,000 per remitter.
“A walk-in customer at a bank branch can remit funds up to ₹ 50,000 to the bank account of a beneficiary through NEFT,” said the RBI’s latest Directions, which came into effect from Wednesday. RBI further said banks are permitted to provide services, which facilitate transfer of funds from the accounts of their customers for delivery in cash to the recipients not having bank accounts at an ATM or through an agent appointed as Business Correspondent, or through any other authorised payment channels.
Fund transfers under the facility are expected to be effected on a real-time or near real-time basis, the Reserve Bank said.
