You will be able to verify the name of the beneficiary after doing RTGS-NEFT: There will be a ban on transfer of funds to the wrong account, new rules of RBI will be applicable from April 1.

Now you will be able to verify the name of the receiver i.e. beneficiary account holder before making transactions through Real Time Gross Settlement System (RTGS) and National Electronic Funds Transfer (NEFT).

The Reserve Bank today (December 30) has announced the launch of beneficiary account name look-up facility for transferring funds through RTGS and NEFT. The new rules will come into effect from April 1, 2025.

Fund transfer to wrong account will be banned RBI says that many times bank customers transfer money to the wrong account while transferring money online through RTGS and NEFT, but now with the name lookup facility, such mistakes made by bank customers will soon reduce. Besides this, fraud can also be curbed.

Beneficiary verification facility is available in UPI and IMPS Governor Shaktikanta Das had announced the launch of name lookup facility to transfer funds through RTGS and NEFT after the Monetary Policy Committee (MPC) meeting held in October this year.

He had said that, currently lookup facility is available in United Payment Interface (UPI) and Immediate Payment Service (IMPS). While making payment through the lookup facility, the name and details of the receiver are visible. This eliminates the possibility of payment being made to the wrong person. But, this facility was not in RTGS and NEFT system.