DMT on our platform follows RBI's revised Domestic Money Transfer framework (effective 1 November 2024). Key points every retailer should know:
Cash pay-out cap: ₹10,000 per transaction and ₹25,000 per month per remitter.
Mandatory remitter KYC: verified mobile number + Officially Valid Document (OVD) before first transaction.
Additional Factor of Authentication (AFA), typically OTP, required for every transfer.
Beneficiary details recorded: name and address of the receiver must be captured by the remitting bank.
No walk-in anonymous transfers: KYC is compulsory even for one-time/occasional remitters.
Record retention: transaction and KYC records must be maintained per RBI's 2016 KYC Master Direction.
This information is provided to help retailers understand the regulatory framework and is not exhaustive. Always refer to the latest RBI/NPCI circulars and your sponsor bank's onboarding terms before offering this service.