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The Reserve Bank of India (RBI) on Monday proposed the introduction of a lookup facility for beneficiary accounts in the Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems to prevent fraud.
This facility will allow users to view and verify the name of the beneficiary before initiating a transaction, similar to the existing feature on India’s real-time payment systems, Unified Payments Interface (UPI) and Immediate Payments Service (IMPS).
Currently, remitters cannot see the beneficiary's name before conducting a transaction on NEFT and RTGS. The RBI has directed member banks of these systems to implement the facility by April 1, 2025. The feature will be provided to customers free of charge.
The National Payments Corporation of India (NPCI) has been tasked with developing the facility and onboarding all banks to enable the feature.
“Based on the account number and IFSC of the beneficiary entered by the remitter, the facility will fetch the beneficiary’s account name from the bank’s core banking solution (CBS),” the RBI stated in a notification.
The facility will be accessible to remitters through internet and mobile banking as well as at bank branches for in-person transactions. Beneficiary banks will be required to display the account name to the remitter.
Both the remitting and beneficiary banks will need to store data related to the lookup queries and responses as part of the process. However, the NPCI, while responsible for developing the facility, will not be permitted to store any data related to the lookup queries.
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