Roll out 'beneficiary look-up' for RTGS & NEFT by Apr 1: RBI

Mumbai: India's banking regulator Monday asked banks enabling RTGS & NEFT transfers to facilitate the 'beneficiary account name look-up facility' before April 1. With this, customers will be able to verify the name of the beneficiary through their bank's internet banking and mobile banking services.

"To ensure that remitters using RTGS and NEFT systems can verify the name of the bank account to which money is being transferred before initiating the transfer and thereby avoid mistakes and prevent frauds, a solution for fetching the beneficiary's name is being implemented," the Reserve Bank of I said.

Based on the account number and IFSC code, the customer will be able to fetch the beneficiary's account name from the bank's core banking solution (CBS). The facility will also be available to remitters visiting branches for making transactions.


Currently, the UPI and Immediate Payments Service (IMPS) systems enable a customer to verify the name of the beneficiary before initiating a transfer.

This measure was first announced in the October 2024 monetary policy and the National Payments Corporation of India (NPCI) had been directed to develop the facility and onboard all banks.