RBI to Launch Beneficiary Name Look-Up Feature for RTGS/NEFT Transfers
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- Last Updated on 10 October, 2024
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Press Release: 2024-2025/1254, Dated: 09.10.2024
RBI has released a Statement on Developmental and Regulatory Policies. To enable remitters in RTGS and NEFT to verify the name of the beneficiary account holder before initiating funds transfer, RBI has proposed introducing a ‘beneficiary account name look-up facility’. Remitters can input the account number and the branch IFSC code of the beneficiary, following which the name of the beneficiary will be displayed. Further, it has been decided to enhance the limits for UPI123Pay & UPI lite.
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