Reserve Bank of India (RBI) on recently relaxed norms by doubling the transaction cap on small money transfers, who do not have bank accounts,
Under the new norms, the cash payout arrangements for amounts being transferred out of bank accounts to beneficiaries not having a bank account has been enhanced to Rs 10,000 from the current limit of Rs 5,000. The monthly cap on such transfer will be Rs 25,000 per beneficiary.
Besides, customers not having bank account can now transfer funds to bank accounts of others, subject to a transaction limit of Rs 5,000 and a monthly cap of Rs 25,000 per remitter.
The RBI has also allowed transfer of funds among domestic debit/credit prepaid cards with the cap of Rs 5,000 per transaction and a monthly limit of Rs 25,000.
According to experts, the changes will impact a large number of people, especially the migrant population which does not have access to formal banking channels for want of proof of identity address.
The RBI said in a notification, such people faced difficulties in using the authorised channels for transferring funds.
Under the new norms, the cash payout arrangements for amounts being transferred out of bank accounts to beneficiaries not having a bank account has been enhanced to Rs 10,000 from the current limit of Rs 5,000. The monthly cap on such transfer will be Rs 25,000 per beneficiary.
Besides, customers not having bank account can now transfer funds to bank accounts of others, subject to a transaction limit of Rs 5,000 and a monthly cap of Rs 25,000 per remitter.
The RBI has also allowed transfer of funds among domestic debit/credit prepaid cards with the cap of Rs 5,000 per transaction and a monthly limit of Rs 25,000.
According to experts, the changes will impact a large number of people, especially the migrant population which does not have access to formal banking channels for want of proof of identity address.
The RBI said in a notification, such people faced difficulties in using the authorised channels for transferring funds.
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