Big update from the Reserve Bank of India (RBI): you can now walk into a bank and transfer up to ₹50,000 via the National Electronic Funds Transfer (NEFT), even if you don't have a regular bank account.
This should make sending money way easier for people like migrant workers or anyone without full banking access.
RBI caps cash and business-correspondent-ATM transfers
You can also use business correspondents or ATMs to send money, but there's a cap: ₹5,000 per transaction and ₹25,000 per month.
For cash payouts, it's ₹10,000 per transfer with the same monthly limit.
The RBI is keeping things secure too: all transfers are monitored for suspicious activity and happen in real time or near real time.
Just note: these rules don't cover card-to-card transfers; banks are also permitted to provide cash pay-out services.