Banks to provide beneficiary account name look-up facility
31.12.2024
The Reserve Bank of India (RBI) has asked the National Payments Corporation of India (NPCI) to develop a facility to allow customers using online fund transfer systems, Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT), to verify the name of the bank account to which money is being transferred before initiating the transaction to avoid mistakes and prevent frauds. All banks that are direct members or sub-members of RTGS System and NEFT System are advised to offer this facility by April 1, 2025, the RBI said in a circular on Monday. It also said the facility has to be made available to customers without any charge.pti
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