The Reserve Bank of India has eased the rules for sending money from one account to another or to any person in the country. According to the new rules, even if you do not have an account in any bank, you can still transfer up to ₹ 50,000 to anyone’s account at a time through NEFT by going to the branch. Along with this, if you want to send money directly to someone in the form of cash, then you will be able to send up to Rs 10,000 at a time, whereas a person can send cash up to a maximum of Rs 25,000 in a month. You will be able to withdraw money from ATM and bank agents. Under the new rules of RBI, banks will now provide such a facility by which people having bank accounts will be able to send money directly to those who do not have any bank account of their own. The person receiving the money will be able to collect this cash from any ATM or from the agent (business correspondent) of the bank. This service will prove to be very helpful for people living in villages and remote areas where there is no bank branch nearby. Rules for sending money through bank agent or ATM: RBI has asked banks to allow their customers to send money directly to another person’s bank account through bank agent or ATM. If you send money to someone’s account in this way, then: Fund transfer will happen in real-time, money will reach within minutes. Reserve Bank has made it clear that as soon as you send money under these new rules, they will be processed in real-time i.e. immediately. This simply means that as soon as your money is transferred, it will be deposited in the other person’s account without any delay or waiting or the cash will be ready to be received. Knowledge Box: What is a Business Correspondent? Business Correspondents are representatives or agents appointed by banks to provide basic banking services like opening accounts, depositing cash and remittances to people in unbanked rural areas at their doorstep or nearest centre.
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Will be able to do NEFT up to ₹ 50,000 without a bank account: Will be able to directly transfer cash up to ₹ 10,000, new money transfer guidelines of RBI
