Saturday, February, 15,2025

Latest News

RBI directs banks to implement beneficiary name look-up for RTGS, NEFT transfers by April 2025

Mumbai: The Reserve Bank of India (RBI) has directed banks giving Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) services to introduce beneficiary account name look-up facility to customers for fund Transfers by April 1, 2025.
Banks participating in the RTGS and NEFT systems must offer this facility through internet banking, mobile banking, and even at physical branches for customers conducting transactions in person.
This move aims to enhance the security and reliability of digital fund transfers.
RBI said "All banks who are direct members or sub members of RTGS and NEFT are advised to offer this facility no later than April 1, 2025".
In an official notification late on Monday the central bank stated that currently, payment systems like Unified Payments Interface (UPI) and Immediate Payments Service (IMPS) allow remitters to verify the name of the beneficiary before initiating a transfer. Recognizing the benefits of this feature, the RBI decided to implement a similar mechanism for RTGS and NEFT.
This facility will allow individuals initiating transactions through RTGS or NEFT to confirm the beneficiary's account name before transferring funds.
The RBI had first proposed this initiative on October 9, 2024, emphasizing its importance in reducing errors and ensuring accurate fund transfers.
To enable this system, the RBI has instructed the National Payments Corporation of India (NPCI) to develop the necessary infrastructure and ensure that all banks are onboarded.
RBI said "National Payments Corporation of India (NPCI) has been advised to develop the facility and onboard all banks".
The RBI has mandated that all banks, whether direct or sub-members of the RTGS and NEFT systems, must make this service available to their customers by the April 2025 deadline.
This initiative is expected to significantly enhance customer convenience and trust in digital banking. By enabling users to verify the recipient's account name beforehand, the RBI aims to minimize transaction errors and improve the overall efficiency of electronic payment systems in India.

  Share on

Related News

visit e-papers

Daily Astro

15-02-2025

image

Aries

Today brings opportunities for growth, but you'll need to stay focused. Trust your instincts to navigate challenges.

image

Pisces

Your intuition will guide you. Trust your feelings and explore creative outlets for peace of mind.

image

Aquarius

Innovation is your theme today. Explore unconventional ideas to solve lingering problems.

image

Capricorn

Hard work pays off today. Your dedication and discipline will lead to well-deserved recognition.

image

Sagittarius

Adventure is calling! Embrace new opportunities, but keep a balanced approach to risks.

image

Scorpio

Your determination will be unmatched. Dive deep into tasks, but don't forget to take breaks to recharge.

image

Libra

Harmony in relationships is your priority. Compromise and understanding will strengthen your bonds.

image

Virgo

Focus on organization and details. A well-planned day will lead to productive results and personal satisfaction.

image

Leo

Leadership will come naturally. Take charge of situations but remain humble for the best outcomes.

image

Cancer

Emotional balance is key today. Spend quality time with loved ones to find comfort and clarity.

image

Gemini

Today is perfect for networking and sharing ideas. Your adaptability will help you tackle unexpected changes with ease.

image

Taurus

Patience will be your strength today. Financial matters might need attention, so think twice before making big decisions.

Gallery

15-02-2025