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- You Will Be Able To Verify The Name Of The Beneficiary By Doing RTGS NEFT
New Delhi38 minutes ago
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RTGS-NEFT was launched on 26 March 2006.
Now you will be able to verify the name of the receiver i.e. beneficiary account holder before making transactions through Real Time Gross Settlement System (RTGS) and National Electronic Funds Transfer (NEFT).
The Reserve Bank today (December 30) has announced the launch of beneficiary account name look-up facility for transferring funds through RTGS and NEFT. The new rules will come into effect from April 1, 2025.
Fund transfer to wrong account will be banned RBI says that many times bank customers transfer money to the wrong account while transferring money online through RTGS and NEFT, but now with the name lookup facility, such mistakes made by bank customers will soon reduce. Besides, fraud can also be curbed.
Beneficiary verification facility available in UPI and IMPS Governor Shaktikanta Das had announced the launch of name lookup facility to transfer funds through RTGS and NEFT after the Monetary Policy Committee (MPC) meeting held in October this year.
He had said that, currently lookup facility is available in United Payment Interface (UPI) and Immediate Payment Service (IMPS). While making payment through the lookup facility, the name and details of the receiver are visible. This eliminates the possibility of payment being made to the wrong person. But, this facility was not in RTGS and NEFT system.
Service will be available on all types of online platforms RBI has asked National Payments Corporation of India to develop and implement the name verification service. After the system is ready, it will be made available in all those banks which have RTGS and NEFT services.
This new service will be available to customers through different channels including internet banking and mobile banking platforms. Additionally, customers visiting their respective bank branches to initiate transactions will be able to verify the receiver’s account details before making the payment.
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