RBI proposed lookup facility for NEFT, RTGS by April 1
Current Hunt Team
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.
