The Reserve Bank of India (RBI) announced a new feature on Monday that will help you confirm the name of the person you’re sending money to before you make a transfer. This is an important step for people using the RTGS and NEFT systems, which are ways to send money instantly in India.
Right now, if you use the Unified Payments Interface (UPI) or Immediate Payments Service (IMPS), you can check the recipient’s name before finalizing your payment. The new system will make RTGS and NEFT just as secure by allowing you to verify that the name you entered matches the beneficiary’s account. This change will help reduce mistakes and prevent fraud.
The National Payments Corporation of India (NPCI) will work on this feature, and it will be available at all banks that use RTGS and NEFT. You can use this service through online banking, mobile banking, or even by visiting your bank in person.
Key Benefits of This Feature:
– Better Accuracy: You can double-check the account name before sending money, which means fewer mistakes.
– Increased Security: By verifying details in real-time, you minimize the chances of sending money to the wrong person or falling for fraud.
– Easier Transactions: This new step makes sending money more secure, just like what you already have with UPI and IMPS.
This move is part of the RBI’s effort to improve digital payments in India. As more people use online banking, these changes are expected to build trust and encourage everyone to use safe payment options.
Earlier in the day, the Delhi High Court told the RBI to put this verification system in place quickly. Justice Pratibha M. Singh said this feature is crucial to stop online frauds and that delays could cause problems for many people unknowingly sending money to scammers. The court ordered that all banks should have this system.
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