Now customers will be able to verify the beneficiary name while transferring funds through RTGS and NEFT

RBI MPC Meeting: Many times, bank customers transfer money to the wrong account while transferring money online through RTGS and NEFT. But soon such mistakes made by bank customers will reduce and fraud will also be curbed. The Reserve Bank of India has decided to introduce Real Time Gross Settlement System and National Electronic Fund Transfer so that before executing the transaction, the fund remitter i.e. the person transferring the money will be able to verify the name of the receiver i.e. the beneficiary account holder. RBI has decided to introduce beneficiary account name look-up facility.

Presently whenever money is transferred through UPI or Immediate Payment Service (IMPS), the remitter i.e. the one who is transferring the money has the option to verify the name of the recipient or beneficiary before making the payment transaction. Is. But this facility was not available in RTGS (Real Time Gross Settlement System) or NEFT (National Electronic Funds Transfer) systems.

Beneficiary verification will be possible in RTGS-NEFT

In his address after the meeting of the Monetary Policy Committee, Reserve Bank of India Governor Shaktikanta Das said, now it is proposed to introduce a facility similar to UPI and IMPS to transfer funds through Real Time Gross Settlement System and National Electronic Fund Transfer. Go. The RBI Governor said that, after the launch of this facility, remitters will be able to verify the name of the account holder before transferring funds through RTGS or NEFT. This will reduce the possibility of funds being credited to the wrong account and will also prevent fraud.