On Dec. 30, IND RBI introduced beneficiary account name look-up.
IND RBI introduced beneficiary bank account name look-up facility for real time gross settlement (RTGS) and national electronic funds transfer (NEFT) systems.
UPI and IMPS systems allow remitters to verify beneficiary names before initiating transactions, and a similar feature is now mandated for RTGS and NEFT.
IND NPC has been tasked with developing this facility and onboarding all banks.
Banks participating in RTGS and NEFT must make this feature available to customers via internet banking, mobile banking, and branches for in-person transactions.
Effectiveness
The facility must be implemented by Apr. 1, 2025.
Regulators
IND NPC; IND RBI
Entity Types
Bank
Reference
Nt RBI/2024-25/99, CO.DPSS.RPPD.No.S987/04.03.001/2024-25, 12/30/2024
