The Reserve Bank of India (RBI) has introduced a beneficiary bank account name look-up facility for Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) system. It’s meant to enhance the security and accuracy of electronic fund transfers.
Overview of the New Facility
This facility allows remitters to verify the beneficiary's account name before initiating RTGS or NEFT transactions. By confirming the recipient's account details in advance, the system aims to reduce errors and prevent fraudulent activities associated with incorrect or misdirected payments.
Implementation and Access
Banks participating in RTGS and NEFT systems are required to integrate this look-up feature into their existing platforms. Customers can access the facility through their bank's online banking portals or mobile applications. They can input the beneficiary's account number to retrieve and verify the corresponding account name.
Guidelines for Users
To utilize this facility, customers should follow these steps:
Access the Bank's Platform: Log in to your bank's online banking portal or mobile application.
Initiate a Transaction: Begin the process for an RTGS or NEFT transaction.
Use the Look-Up Feature: Enter the beneficiary's account number in the designated field to retrieve and verify the account name.
Confirm Details: Check that the retrieved account name matches the intended beneficiary before proceeding with the transaction.
