Department has warned against excessive cash transactions and violations would trigger heavy penalties upto 100% for cash ...

There have been many instances where remitters remitted funds to the wrong beneficiary. This new rule will help to limit the ...

The RBI is launching a beneficiary account name look-up feature for RTGS and NEFT systems to prevent incorrect fund transfers ...

The Delhi High Court has urged the RBI to fast-track the implementation of a system that verifies the beneficiary's name for ...

The Reserve Bank of India has directed the National Payments Corporation of India to develop a feature allowing customers to ...

The RBI has mandated that financial institutions offering RTGS and NEFT services adopt a beneficiary account name ...

The Reserve Bank of India (RBI) is set to roll out a significant update for the National Electronic Funds Transfer (NEFT) and ...

Currently, the Unified Payments Interface (UPI) and Immediate Payments Service (IMPS) systems enable a remitter to verify the ...

This facility will allow users to view and verify the name of the beneficiary before initiating a transaction, similar to the ...

Accordingly, to enable remitters in RTGS and NEFT to verify the name of the beneficiary account holder before initiating ...