RBI proposes name of receiver in RTGS and NEFT transactions
Payment Systems like UPI and IMPS provide a facility for the remitter to verify the name of the receiver before initiating a payment transaction.
RBI proposes name of receiver in RTGS and NEFT transactions
The Reserve Bank of India (RBI) has proposed to provide a facility to the remitter to verify the name of the receiver (beneficiary) before initiating a payment transaction in Real Time Gross Settlement (RTGS) and Natioanal Electronic Funds Transfer (NEFT).
Payment Systems like UPI and IMPS provide a facility for the remitter to verify the name of the receiver before initiating a payment transaction. The RBI move comes after several requests to introduce a similar facility for RTGS and NEFT systems too.
In a statement issued after the Monetary Policy Committee (MPC) meeting, RBI Governor Shaktikanta Das said, “Accordingly, to enable remitters in RTGS and NEFT to verify the name of the beneficiary account holder before initiating funds transfer, it is now proposed to introduce a ‘beneficiary account name look-up facility’.”
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