RBI tightens domestic transfer rules: KYC must for walk- in money transfer

The Reserve Bank of India (RBI) has tightened regulations for cash payout service at banks, requiring lenders to maintain records of recipients. The new norms start November 1.

The RBI’s measures aim to counter the misuse of banking channels for online fraud that trick customers into transferring funds to third-party accounts, which are then withdrawn by so-called money mules.