RTGS & NEFT Get Safer with RBI's New Beneficiary Name Lookup: It’s Similar To How UPI Works

Want to see the name of the account holder while transferring money through RTGS and NEFT, just like you can when making a UPI payment?

Well, the Reserve Bank of India has just granted your wish.

You heard RBI Governor Shaktikanta Das sharing the details on this game-changing update.

So, how does this help you?
First, it ensures your money goes to the right person.
Second, it helps reduce the risk of fraud and wrong credits.

This move couldn’t come at a better time!

Did you know that between 2014 and 2023, RTGS and NEFT usage exploded by 200% and 700% respectively? And when we talk about value, they’ve grown by 104% and a whopping 670%! That’s a lot of money flowing through these systems.

For those of you who might not know the difference, here’s a quick breakdown:

NEFT is perfect for low-value transfers. You can send as little as 1 rupee, and while it takes up to 2 hours to complete, it’s available 24x7.

On the other hand, RTGS is for high-value transactions, with a minimum limit of 2 lakh rupees, and it’s designed for instant transfers.

So, why is the new feature a big deal? Well, with the ability to see the recipient’s name before hitting that ‘send’ button, you’ll have greater confidence that your hard-earned money is going to the right account.

It’s another step by RBI to make digital payments more secure and efficient.

What do you think of this new feature? Will it make you feel safer when transferring large amounts? Drop your thoughts in the comments below!

And if you found this update helpful, don’t forget to like, share, and subscribe BusinessHook for more content like this. Until next time, keep your transactions safe and your wallets happy!