Reserve Bank of India announced new facility for RTGS and NEFT payment, know what will be the benefit to the customers?

New Payment Rules: The Reserve Bank of India (RBI) has announced major changes in payment systems like RTGS and NEFT. Now before sending money you will be able to check whether you are sending money to the right person or not. This facility is already available in UPI and IMPS. RBI Governor Shaktikanta Das said after the meeting of the Monetary Policy Committee (MPC) that this decision has been taken to protect customers and prevent fraud. He said that 'Beneficiary Account Name Look-up facility' is being introduced in RTGS and NEFT.

How will this feature work?

Through this facility, the person sending money will be able to confirm in whose name the account is by entering the account number and IFSC code. Shaktikanta Das said, 'Accordingly, it is now proposed to introduce 'Beneficiary Account Name Look-up Facility' to enable the remitter to confirm the name of the beneficiary account holder before initiating the transfer in RTGS and NEFT. '

chances of fraud will be less

Das further said that this facility will increase customer confidence and reduce the chances of wrong transfers and fraud. He said, 'The person sending the money can enter the beneficiary's account number and branch IFSC code. After this the name of the beneficiary will appear. This facility will increase customer confidence as it will reduce the chances of bad credit and fraud.

Detailed guidelines in this regard will be issued soon. On Wednesday, the central bank kept its key interest rate repo unchanged. But, by changing its relatively aggressive stance to 'neutral', it has taken the first step towards reducing the interest rates.