Delhi HC asks RBI to expedite system to verify receiver name in RTGS, NEFT

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Delhi HC asks RBI to expedite system to verify receiver name in RTGS, NEFT - Business Standard

Quick Summary:

In a significant ruling, the Delhi High Court has asked the Reserve Bank of India to expeditiously activate the process of verifying the receiver's name in RTGS and NEFT payment methods

Justice Pratibha M Singh said such a system was crucial to prevent cyber frauds and a delay could likely impact thousands of innocent consumers who made payments without realising who the beneficiary was.

"Steps being taken by the RBI for implementation of the said Beneficiary's Name Lookup Facility for RTGS and NEFT transactions are extremely crucial to prevent cyber fraud like the kind of fraudulent activity that are being dealt with in this case.