NEFT, RTGS update: RBI introduces name lookup facility to verify beneficiaries | Know details | Mint
Source: Live Mint NEFT, RTGS update: The Reserve Bank of India (RBI) will introduce the beneficiary account name look-up facility for the Real Time Gross Settlement (RTGS) System and National Electronic Funds Transfer (NEFT) System. The proposed facility will help rectify instances where the remitters transferred funds to the wrong beneficiary, thereby reducing the number…