Current Affairs - Banking - Discussion

The Reserve Bank of India (RBI) has mandated the implementation of a name lookup facility for NEFT and RTGS transactions by April 1, 2025. This feature aims to reduce fraud and errors by allowing remitters to verify beneficiary names before initiating payments. Developed by the National Payments Corporation of India (NPCI), this system will function similarly to UPI and IMPS. Banks will integrate the feature into their digital and physical banking platforms to enhance transaction security and accuracy.