New change in NEFT, RTGS money transfer services..!?

Since the rise of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital money transactions in india, it has become very common for people to send money using wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital methods like RTGS and NEFT. But due to reasons like providing incorrect account details or misuse for fraudulent purposes, the money goes to another account. Since this incident is happening regularly, the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india has introduced a new facility to solve the problem. With this new facility to be introduced by RBI, senders will be able to verify the name of the recipient. This will reduce further risks and send money to the right people without any errors. This new feature is expected to be released from april 1, 2025. Currently, Unified Payments Interface, Immediate Payment service System, etc. allow senders to verify the name of the recipient. Similarly, the feature of verifying the name of the user will be released on RTGS and NEFT platforms.
The Reserve bank has instructed the National Payments Corporation of india to develop and implement this new verification facility. It is said that this new feature will be available to all banks once it is ready. customers can avail this new facility through various channels including internet banking and mobile banking platforms. In addition, customers who visit the branches of the respective banks to initiate transactions can verify the account details of the beneficiaries before transferring their money.

Key Benefits:
Transaction accuracy can be improved: This new feature will also help the senders to verify the name of the recipient before transferring the money. This can reduce errors caused by incorrect account details.

Improved security: Fraudulent money can be reduced by checking real-time account information.

This step can improve wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payment platforms in India. This can reduce the number of recurring fraud incidents. Such measures are expected to increase trust in wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital banking systems.
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Sowmiya Sriram

31/12/2024 12:05 PM