The Reserve Bank of India (RBI) has come up with its domestic money transfer framework in response to the growing number of banking outlets, advancements in payment systems, and improved Know Your Customer (KYC) compliance. Under the revised framework, remitting banks are now required to obtain and maintain records of the name and address of the beneficiary for each transaction. RBI stated that remitting banks and Business Correspondents (BCs) register remitters using a verified cell phone number and an officially valid document (OVD) as per the Master Direction ' Know Your Customer (KYC) Directions, 2016. RBI noted that every remittance must be authenticated through an Additional Factor of Authentication (AFA) for cash pay-in services. The transaction message shall include an identifier to identify the fund transfer as a cash-based remittance. Powered by Capital Market - Live News
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