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RBI to allow direct transfer of funds

The Reserve Bank of India has decided to allow foreign inward remittances received under money transfer service scheme (MTSS) directly into the bank account of the beneficiary through electronic modes such as NEFT and IMPS. However, RBI said the recipient bank would credit the amount transferred by the partner bank only to KYC compliant bank accounts. As to accounts that are not KYC compliant, RBI said the recipient bank shall carry out KYC/ customer due diligence of the recipient before the remittance to such account is credited or allowed to be withdrawn. RBI also instructed that the partner bank should appropriately mark the direct-to-account remittances to indicate to the recipient bank that it is a foreign inward remittance.

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