The Reserve Bank of India (RBI) has introduced a new rule to make sending money safer and easier through RTGS and NEFT systems.
1. What’s New?
Before sending money to someone’s bank account, you can now check their name.
This helps you make sure you are sending money to the right person and avoid mistakes or scams.
2. How Will It Work?
When you type in the person’s account number and bank details (IFSC), the bank will show you their name.
You can use this feature on your bank’s website, mobile app, or even when you visit the bank branch.
3. When Will It Start?
All banks must offer this feature by April 1, 2025.
4. What Happens If It Doesn’t Show the Name?
If the name isn’t displayed, you can still decide to send the money, but it’s up to you to be careful.
The banks will save all the details of your request, so any issues can be sorted out later.
5. How Much Will It Cost?
This feature will be free for everyone.
6. Why Is This Important?
It’s a way to make sure your money goes to the right person, keep you safe from fraud, and give you more confidence while transferring funds.
The RBI wants banks to follow these rules carefully and keep your information private and secure.
