RTGS-NEFT Update: With the introduction of this facility, remitters will be able to verify the name of the account holder before transferring funds through RTGS or NEFT.
RBI Look-Up Facility: There is relief news for those who transfer money online through RTGS-NEFT. Now mistakes like transferring money to the wrong bank account can be curbed. Now while transferring money online through internet banking or mobile banking services, customers will be able to verify the name of the account holder to whom they are transferring funds. People transferring funds will be able to know that the money is not being transferred to someone else’s account. The Reserve Bank of India, the regulator of the banking sector, has asked the banks providing RTGS and NEFT transfer facilities to start the look-up facility in the beneficiary account before April 1, 2025.
Money will not be transferred to the wrong account!
The Reserve Bank of India issued a statement saying, while using RTGS and NEFT systems, the remitter will be able to verify the name of the bank account holder before transferring the money so that money is not transferred to the wrong account and fraud can also be stopped. For this, the facility of finding the name of the beneficiary is being started. After entering the account number and IFSC code of the beneficiary by the remitter, through this facility, the bank will be able to find out the name of the beneficiary account holder through Core Banking Solution (CBS). This facility will also be available to the remitters visiting the bank branches to complete such transactions.
Facility already available in UPI and IMPS
Currently, while using UPI and IMPS, customers can find out the name of the beneficiary before transferring money. But soon this facility will be available while transferring money through RTGS and NEFT as well.
RBI took this decision in the October MPC meeting. While announcing the monetary policy on 9 October 2025, former RBI Governor Shaktikanta Das had said that now it is proposed to start a facility similar to UPI and IMPS (Immediate Payment Service) for transferring funds through Real Time Gross Settlement System and National Electronic Funds Transfer. The RBI Governor said that after the introduction of this facility, remitters will be able to verify the name of the account holder before transferring funds through RTGS or NEFT. This will reduce the chances of crediting funds to the wrong account and will also curb fraud.
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