India News Get -BusinessYou will be able to check the name of the beneficiary by doing RTGS NEFT
You will now be able to verify the name of the recipient i.e. the beneficiary account holder before transacting through Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT).
The Reserve Bank today (December 30) announced the launch of a beneficiary account name search service for fund transfer through RTGS and NEFT. The new rules will come into force on April 1, 2025.
There will be a ban on transferring funds to the wrong account. RBI says that often, bank customers transfer money to the wrong account when they transfer money online through RTGS and NEFT, but now with the name search feature, bank customers will soon such errors. will be reduced and fraud will also be curbed.
Beneficiary verification service is available in UPI and IMPS. Governor Shaktikanta Das announced the launch of a name search service for transferring funds through RTGS and NEFT after the Monetary Policy Committee (MPC) meeting held in October this year.
He had said that the search function is currently available in United Payment Interface (UPI) and Immediate Payment Service (IMPS). When paying via the search function, the name and contact details of the recipient are visible. This eliminates the possibility of payment being made to the wrong person. But this facility was not in RTGS and NEFT systems.