RBI Introduces Beneficiary Bank Account Name Look-Up Facility for RTGS and NEFT Systems
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- Last Updated on 3 January, 2025
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Circular no. RBI/2024-25/99 CO.DPSS.RPPD.No.S987/04.03.001/2024-25; Dated: 30.12.2024
Earlier, the RBI proposed the introduction of a beneficiary account name look-up facility for the Real-Time Gross Settlement (RTGS) system and National Electronic Funds Transfer (NEFT) System. The RBI has now decided to put a similar facility that would enable a remitter to verify the beneficiary bank account name before initiating a transaction using the RTGS or NEFT system. Accordingly, the National Payments Corporation of India (NPCI) has been advised to develop the facility and on-board all banks.
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