RBI Introduced Name Lookup Facility

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Budding Star
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You’ll Be Able To See Name of Beneficiary While Making NEFT and RTGS Payments Now


Banks To Implement This Feature By April 1

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Deal Cadet Deal Cadet
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Big step

Deal Cadet Deal Cadet
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For CC numbers what name will appear? most use NEFT for CC payment for transfers its UPI or IMPS.

Finance Mentor Finance Mentor
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BBPS already fetches lot of data, so this should also be implemented I hope...
Deal Subedar Deal Subedar
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Thats good move. Can you share complete details?

So entering account/ card holder name is no more required as it will be prepopulated? 

Budding Star Budding Star
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1000306405

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Deal Subedar Deal Subedar
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Good info

Vu

Deal Subedar Deal Subedar
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Currently ICICI charges 100 rs for name verification 😥

Deal Newbie Deal Newbie
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Right now some bank account like HDFC, Icici given the name by account number in Gpay and Paytm free of cost.
Deal Cadet Deal Cadet
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Idfc gives it free

Savings Mentor Savings Mentor
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UPI yes but IMPS has this? I've never seen name automatically fetch the name. Or it only does if MMID is entered?

Budding Star Budding Star
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It is compulsory from April 1st
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Deal Lieutenant Deal Lieutenant
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What are we going gaga over this feature of name verification in 2025 this should have been implemented long back... Too little and too late 

Now there would also be NEW SCAMS owing to getting DATA of a acc holder.... May also have Few Circular rolling it back in few Scenarios..... indian bureaucracy sucks big time 🤔🤒💀🤦‍♂️

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