Mumbai: RBI has asked the National Payments Corporation of India to develop a facility to allow users to use online. Fund transfer system, RTGS And NEFTVerifying the name of the bank account to which funds are being transferred before initiating a transaction to avoid errors and fraud.
All banks which are direct members or sub-members of RTGS and NEFT systems are advised to offer this facility before April 1, 2025, RBI said in a circular on Monday.