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New Verification Facility for NEFT

Mint Bangalore

December 31, 2024

The Reserve Bank of India (RBI) has asked the National Payments Corporation of India to develop a facility to allow customers using online fund transfer systems, RTGS and NEFT, to verify the name of the bank account to which money is being transferred before initiating the transaction for avoiding mistakes and preventing frauds.

All banks that are direct members or sub-members of Real Time Gross Settlement (RTGS) System and National Electronic Funds Transfer (NEFT) System are advised to

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