MUMBAI: RBI has asked the National Payments Corporation of India to develop a facility to allow customers using online fund transfer systems, RTGS and NEFT, to verify the name of the bank account to which money is being transferred before initiating the transaction for avoiding mistakes and prevent frauds.
All banks that are direct members or sub-members of RTGS and NEFT systems are advised to offer this facility no later than April 1, 2025, RBI said in a circular on Monday.