Name lookup facility introduced for RTGS and NEFT transfers

[Bapun]

The Reserve Bank of India (RBI) announced on Monday the launch of a new beneficiary bank account name verification feature for both the Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems. This facility will allow remitters to verify the beneficiary's name before initiating a transaction, reducing the risk of errors and fraudulent transfers.

RBI introduces name lookup for RTGS and NEFT - CNBC TV18

This facility will allow remitters to verify the beneficiary's name before initiating a transaction, reducing the risk of errors and fraudulent transfers.

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