What is Domestic Money Transfer (DMT)?
Domestic Money Transfer (DMT) is a service that allows users to send money from one bank account to another within the country. It enables both banked and unbanked customers to transfer funds quickly using various channels such as mobile apps, agent-assisted platforms, and retail stores.
DMT plays a crucial role in achieving financial inclusion, especially in rural areas where access to traditional banking is limited. With instant IMPS (Immediate Payment Service) and NEFT (National Electronic Funds Transfer) support, money reaches beneficiaries in real-time.