RBI introduces a new feature for RTGS and NEFT to verify the receiver’s name before completing any transaction.
Currently, on payment platforms like UPI and IMPS, you can see the name of the person you’re sending money to before completing the transaction.
So when transferring larger amounts, users will also be able to verify the recipient's name by entering their account number and branch code.
Detailed guidelines for this new name verification facility will be issued soon, to improve safety in online payments.
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