RBI directs banks to implement beneficiary name look-up for RTGS, NEFT transfers by April 2025

Mumbai (Maharashtra) [India], December 31 (ANI): The Reserve Bank of India (RBI) has directed banks giving Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) services to introduce beneficiary account name look-up facility to customers for fund Transfers by April 1, 2025.

Banks participating in the RTGS and NEFT systems must offer this facility through internet banking, mobile banking, and even