The RBI announced a beneficiary account name look-up facility to enable remitters in RTGS and NEFT to verify the name of the beneficiary account holder before initiating funds transfer.
This is a huge benefit for us. No need to make those ₹1 transactions after adding the beneficiary.
It may take a few months until all banks implement this.
This is a huge benefit for us. No need to make those ₹1 transactions after adding the beneficiary.
It may take a few months until all banks implement this.
