- RBI proposed lookup facility for NEFT, RTGS by April 1.
- The RBI proposed to introduce a lookup facility for beneficiary accounts in the Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems to prevent fraud.
- It will allow users to view and verify the name of the beneficiary before making a transaction.
- It is similar to the existing features in the Unified Payments Interface (UPI) and Immediate Payments Service (IMPS).
- At present, the sender cannot see the beneficiary’s name before making a transaction through NEFT and RTGS.
- NPCI has been given this task for developing this facility and onboarding all banks for this facility in NEFT and RTGS.
- Under this new facility, the remitting and beneficiary banks will need to store data related to the lookup queries and responses.
- NPCI will not store any data related to the lookup queries.
