Hence, from a perspective of achieving inclusive payment system, it is also necessary to facilitate remittance and cash-handling requirements of a large segment of society, particularly the migrant population, The Reserve Bank has already put in place the policy framework under the Guidelines for Domestic Money Transfer (DMT) and now it is up to the banks to take this forward.
Towards this end, experiments like “Cardless cash withdrawal” for the unbanked is gaining ground. We have recently given in-principle approval for two entities to take this service forward. Of course, for this to gain traction, active participation of and promotion by banks would be imperative as the delivery channels envisaged in these models are the ATMs and Business Correspondents (BCs).