New Initiative by RBI to Enhance Online Fund Transfer Security

MUMBAI: In a significant move to bolster the security of online fund transfers, the Reserve Bank of India (RBI) has directed the National Payments Corporation of India (NPCI) to implement a new feature. This feature will allow customers using Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems to verify the name of the bank account before initiating the transaction.

Deadline for Implementation: The RBI has set a deadline for all banks that are direct members or sub-members of the RTGS and NEFT systems to offer this facility by April 1, 2025. This initiative aims to minimize errors and prevent frauds, ensuring a safer online transaction environment for users.