Introduction of beneficiary bank account name look-up facility for Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) Systems

RBI is proposing the introduction of beneficiary account name look-up facility for Real Time Gross Settlement (RTGS) System and National Electronic Funds Transfer (NEFT) System. Currently, the Unified Payments Interface (UPI) and Immediate Payments Service (IMPS) systems enable a remitter to verify the name of the beneficiary before initiating transfer. It has been decided to put in place a similar facility that would enable a remitter to verify the beneficiary bank account name before initiating a transaction using RTGS or NEFT system. Accordingly, National Payments Corporation of India (NPCI) has been advised to develop the facility and onboard all banks.

Banks which are participants of RTGS and NEFT Systems, shall make this facility available to their customers through Internet banking and Mobile banking. The facility shall also be available to remitters visiting branches for making transactions. Detailed requirements for the same are provided in the Annex.

All banks who are direct members or sub members of RTGS and NEFT are advised to offer this facility no later than April 1, 2025.