The Reserve Bank of India has approved a proposal which will facilitate transfer of money to the depositor's account from any bank. The money so deposited will get automatically credited to the intended account number. This facility will be provided by Cash Deposit Machines, CDMs, with the deposit limit of rupees 49,999. The proposed service would be facilitated by National Finance Switch, NFS. This information was given by the Minister of State for Finance Jayant Sinha in a written reply in the Lok Sabha today.
News On AIR | July 24, 2015 5:24 PM
RBI approves proposal to transfer money to depositor's account from any bank