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The Reserve Bank of India (RBI) has proposed to provide a facility to the remitter to verify the name of the receiver (beneficiary) before initiating a payment transaction in Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT).
Payment Systems like UPI and IMPS provide a facility to the remitter to verify the name of the receiver before initiating a payment transaction.
RBI proposes beneficiary name verification for RTGS and NEFT transactions
Payment Systems like UPI and IMPS provide a facility to the remitter to verify the name of the receiver before initiating a payment transaction.
RBI proposes beneficiary name verification for RTGS and NEFT transactions
