RBI Introduces Name Lookup for NEFT and RTGS:
The Reserve Bank of India (RBI) has announced a name lookup facility for Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems, aiming to reduce fraud and errors. This feature, similar to what Unified Payments Interface (UPI) and Immediate Payment Service (IMPS) offer, will allow remitters to verify the beneficiary’s name before initiating transactions. The National Payments Corporation of India (NPCI) will develop the system, and banks must implement it by April 1, 2025.
