The Reserve Bank of India (RBI) on December 30, 2024, issued a notification regarding the introduction of a beneficiary bank account name look-up facility for Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) Systems.
The following has been stated: -
•The RBI has announced the introduction of a beneficiary account name look-up facility for RTGS and NEFT systems, similar to UPI and IMPS.
•This will allow remitters to verify beneficiary details before initiating transactions. Banks must provide this facility through internet banking, mobile banking, and branches by April 01, 2025. The directive is issued under the Payment and Settlement Systems Act, 2007.
[Notification No. RBI/2024-25/99 CO.DPSS.RPPD.No.S987/04.03.001/2024-25]
