Introduction of Look up facility of beneficiaries name in RTGS to avoid fraud and Wrong amount Transfer.

RBI has given direction to all banks vide letter dated 30 December 2024 for Introduction of beneficiary bank account name look-up facility for Real Time
Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT)
Systems.

Currently, the Unified Payments Interface (UPI) and Immediate Payments
Service (IMPS) systems enable a remitter to verify the name of the beneficiary before
initiating transfer. It has been decided to put in place a similar facility that would enable
a remitter to verify the beneficiary bank account name before initiating a transaction
using RTGS or NEFT system. Accordingly, National Payments Corporation of India
(NPCI) has been advised to develop the facility and onboard all banks.
This facility shall be started not later than April 1, 2025 as per Circular of RBI.