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RBI mandates banks to allow verifying beneficiary names before RTGS, NEFT transactions by April 1, 2025.
The Reserve Bank of India (RBI) has mandated all banks to implement a new feature by April 1, 2025, allowing remitters to verify the beneficiary's bank account name before making transactions via RTGS or NEFT systems.
This measure aims to reduce fraud and errors, similar to existing verification facilities in UPI and IMPS systems.
The RBI instructed banks to offer this feature through internet, mobile, and in-branch banking services.
4 months ago
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