Roll out ‘beneficiary look-up’ for RTGS & NEFT by Apr 1: RBI

December 31, 2024

Based on the account number and IFSC code, the customer will be able to fetch the beneficiary’s account name from the bank’s core banking solution (CBS). The facility will also be available to remitters visiting branches for making transactions.

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RBI Deputy Governor Rohit Jain stated that safety is the highest priority when managing foreign exchange reserves. Liquidity and return are also important, but must

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