Which of the following accurately describes the Reserve

Solution

The RBI's updated guidelines for DMT services aim to enhance security by requiring records of beneficiaries and mandating additional authentication for transactions, thereby promoting greater compliance and security in money transfers. ·         Under the new framework, remitting banks will be required to maintain records of the name and address of beneficiaries for cash pay-out services. ·         This has been done to improve traceability and accountability in cash-based transactions. ·         The RBI has said every transaction by a remitter will now require validation through an Additional Factor of Authentication (AFA). ·         Remitting banks must adhere to the regulations outlined in the Income Tax Act of 1961 regarding cash deposits.