When a credit or debit card is used to effect money transfer, necessary information should be included in the message, the RBI said. However, settlements where both the originator and beneficiary are banks or financial institutions, they are exempted from these requirements. RBI also stated that the ordering bank — or the bank that originates the wire transfer—- must ensure that wire transfers contain the requisite information. It must also verify and preserve the information for at least 10 years.

Banks use wire transfers as an expeditious method for transferring funds between bank accounts. Wire transfers include transactions occurring within the national boundaries of a country or from one country to another. As wire transfers do not involve actual movement of currency, they are considered as a rapid and secure method for transferring value from one location to another.