RBI to Roll Out Name Verification for RTGS, NEFT Payments

Mumbai: The Reserve Bank of India (RBI) is planning to add a feature for checking the beneficiary’s name before making payments through Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT). This change aims to help users avoid mistakes and fraud when transferring funds.

Currently, payment systems like UPI and IMPS already let senders verify the receiver’s name. Now, after requests to add similar features for RTGS and NEFT, the RBI will introduce a “beneficiary account name look-up” option. RBI Governor Shaktikanta Das shared this news following a recent Monetary Policy Committee (MPC) meeting.

With this new tool, users will be able to enter the recipient’s account number and IFSC code, which will then show the account holder’s name. The RBI expects this will help reduce cases of wrong credits and add a layer of security to transactions.

The RBI will release detailed guidelines soon, outlining how this system will work. This development signals a step forward in making digital payments safer and more user-friendly for customers across India.

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