NEFT, RTGS update: RBI introduces name lookup facility to verify beneficiaries
1 week ago

NEFT, RTGS update: RBI introduces name lookup facility to verify beneficiaries

Live Mint  

NEFT, RTGS update: The Reserve Bank of India will introduce the beneficiary account name look-up facility for the Real Time Gross Settlement System and National Electronic Funds Transfer System. The RBI stated in a statement on December 30, “Currently, the Unified Payments Interface and Immediate Payments Service systems enable a remitter to verify the name of the beneficiary before initiating transfer.” The National Payments Corporation of India will help to develop this facility. “It has been decided to put in place a similar facility that would enable a remitter to verify the beneficiary bank account name before initiating a transaction using RTGS or NEFT system. Accordingly, to enable remitters in RTGS and NEFT to verify the name of the beneficiary account holder before initiating funds transfer, it is now proposed to introduce a ‘beneficiary account name look-up facility," the RBI governor said.

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History of this topic

RBI asks National Payments Corporation of India to develop this facility to prevent fraud | Check details
1 week, 3 days ago

RBI asks National Payments Corporation of India to develop this facility to prevent fraud | Check details

India TV News  

People will soon get a facility to allow using online fund transfer systems, RTGS and NEFT, to verify the name of the bank account to which money is being transferred before initiating the transaction for avoiding mistakes and prevent frauds. The RBI asked the National Payments Corporation of India to develop this feature to verify the name of the bank …

How RBI’s proposed new payment system will be different from UPI, NEFT, RTGS
1 year, 7 months ago

How RBI’s proposed new payment system will be different from UPI, NEFT, RTGS

Live Mint  

The Reserve Bank of India's proposed lightweight payment and settlement system will introduce a paradigm shift in the Indian payment landscape. The need for lightweight payment and settlement system The central bank said that this payment system can be operated from anywhere by a bare minimum staff in order to be prepared to face extreme situations such as natural calamities …

RBI modifies NEFT, RTGS systems to accommodate FCRA transactions
1 year, 10 months ago

RBI modifies NEFT, RTGS systems to accommodate FCRA transactions

India TV News  

The Reserve Bank of India has introduced new changes in NEFT and RTGS systems for Foreign Contribution Act related transactions. Contributions to the FCRA are received directly from foreign banks through SWIFT and through Indian intermediary banks through the NEFT and RTGS systems. The RBI has asked banks to make necessary changes in their core banking/middleware solutions to capture the …

How RTGS and NEFT has changed digital payment scenario in India
2 years, 4 months ago

How RTGS and NEFT has changed digital payment scenario in India

Firstpost  

India has made astounding progress in the payment ecosystem and has outrun the rest of the nations in terms of volume, value and the real-time nature of payments Automation, digitalisation and information technology have completely transformed the world’s industries and enterprises. The Reserve Bank of India has been patronizing the largest clearing and settlement system in the globe and reaped …

What is NEFT: Its meaning, objective, advantages and work
2 years, 9 months ago

What is NEFT: Its meaning, objective, advantages and work

India Today  

National Electronic Funds Transfer is an acronym for National Electronic Funds Transfer. The Reserve Bank of India created and manages the NEFT electronic funds transfer system, which was launched in November 2005. NEFT allows you to transfer money from one NEFT-enabled bank account to another via the internet. A person without a bank account can send money to a beneficiary …

Online Money Transfer: IMPS, NEFT, RTGS Transaction Limit, Timings, All you Need to Know
3 years, 2 months ago

Online Money Transfer: IMPS, NEFT, RTGS Transaction Limit, Timings, All you Need to Know

News 18  

The Reserve Bank on India or the RBI has recently raised the the limit of the Immediate Payment Service from Rs 2 lakh to Rs 5 lakh per transaction. “Immediate Payment Service offers instant domestic funds transfer facility 24×7 through various channels. Increased IMPS limit will not only increase customer experience but also solve more complex problems like credit and …

RTGS Facility To Be Unavailable For 14 Hours On April 18; How It Will Affect You
3 years, 8 months ago

RTGS Facility To Be Unavailable For 14 Hours On April 18; How It Will Affect You

News 18  

The Reserve Bank of India on Monday announced that the money transfer facility, Real Time Gross Settlement System, will be unavailable for 14 hours from 00:00 to 14:00 hours on Sunday, April 18, in lieu of a technical upgrade to enhance the resilience of the system. The country’s central bank and regulatory body under the jurisdiction of Ministry of Finance, …

RTGS services won’t be available for 14 hours on April 18 due to technical upgrade: RBI
3 years, 8 months ago

RTGS services won’t be available for 14 hours on April 18 due to technical upgrade: RBI

Hindustan Times  

The Reserve Bank of India announced on Monday that the Real-Time Gross Settlement service will not be available for 14 hours on April 18 due to a technical upgrade. “A technical upgrade of RTGS, targeted to enhance the resilience and to further improve the Disaster Recovery Time of the RTGS system, is scheduled after the close of business of April …

NEFT, RTGS money transfer services extended beyond banks: RBI Governor Shaktikanta Das
3 years, 9 months ago

NEFT, RTGS money transfer services extended beyond banks: RBI Governor Shaktikanta Das

India TV News  

The Reserve Bank of India on Wednesday extended National Electronic Funds Transfer and Real-Time Gross Settlement facilities beyond banks. RBI Governor Shaktikanta Das announced that the services can now be used by non-bank payment operators as well. Now, the issuers of Prepaid Payment Instrument, card networks, White label ATM operators and Trade Receivables Discounting System platforms can use these two …

RTGS, NEFT money transfer facilities extended beyond banks: RBI chief Shaktikanta Das
3 years, 9 months ago

RTGS, NEFT money transfer facilities extended beyond banks: RBI chief Shaktikanta Das

Live Mint  

Reserve Bank of India on Wednesday extended the National Electronic Funds Transfer and Real-Time Gross Settlement facilities to non-bank payment system operators. Now, Prepaid Payment Instrument issuers, card networks, White label ATM operators and Trade Receivables Discounting System platforms can use NEFT and RTGS modes. It is now proposed to enable non-bank payment system operators like Prepaid Payment Instrument issuers, …

RBI extends NEFT, RTGS money transfer facility beyond banks. Details here
3 years, 9 months ago

RBI extends NEFT, RTGS money transfer facility beyond banks. Details here

India Today  

The Reserve Bank of India on Wednesday said that National Electronic Funds Transfer and Real-Time Gross Settlement facilities will be extended to non-bank payment system operators. With RBI’s announcement, these money transfer systems will be extended to Prepaid Payment Instrument issuers, card networks, white-label ATM operators and Trade Receivables Discounting System platforms. It is now proposed to enable non-bank payment …

3 important things to know about RTGS fund transfer facility
3 years, 9 months ago

3 important things to know about RTGS fund transfer facility

Live Mint  

RTGS or Real-Time Gross Settlement is a money transfer facility where there is a continuous and real-time settlement of fund-transfers, individually on a transaction-by-transaction basis. Real time, in this case, means processing of instructions at the time they are received, while gross settlement means the settlement of funds transfer instructions occurs individually. The processing of RTGS is different from the …

RTGS money transfer facility to be operational 24x7: Important points
4 years ago

RTGS money transfer facility to be operational 24x7: Important points

India Today  

The Real-Time Gross Settlement System money transfer facility will now be operational 24—7 from 00: 30hours on December 14th, said RBI Governor Shaktikanta Das on Sunday. RTGS facility becomes operational 24X7 from 12:30 am tonight: RBI Governor Shaktikanta Das pic.twitter.com/pJaxgmh978 — ANI December 13, 2020 With the RTGS facility being made available 24x7, India will become one of the few …

RTGS Timings and How it Will Make Banking Easier for You
4 years, 1 month ago

RTGS Timings and How it Will Make Banking Easier for You

News 18  

In October this year, the Reserve Bank of India had announced that the Real Time Gross Settlement System, which is put into use for large value transactions, will be available round-the-clock from December 2020. Shaktikanta Das, the governor of the Reserve Bank of India, announced this development and said that customers will now be able to avail round-the-clock availability of …

RTGS to Be Made Available 24X7 in Next Few Days, Says RBI Governor
4 years, 1 month ago

RTGS to Be Made Available 24X7 in Next Few Days, Says RBI Governor

News 18  

In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement system, used for large value transactions, will be made available round-the-clock in the next few days. RBI Governor Shaktikanta Das said RTGS system will soon be made available 24×7 in the next few days… with this enablement, it is proposed to …

Fund Transfer: RTGS to be made available 24X7 in next few days, says RBI Governor
4 years, 1 month ago

Fund Transfer: RTGS to be made available 24X7 in next few days, says RBI Governor

India TV News  

In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement system, used for large value transactions, will be made available round-the-clock in the next few days. RBI Governor Shaktikanta Das said RTGS system will soon be made available 24x7 in the next few days. In order to expand adoption of digital …

RTGS to be made available 24X7 in next few days: RBI Governor
4 years, 1 month ago

RTGS to be made available 24X7 in next few days: RBI Governor

The Hindu  

In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement system, used for large value transactions, will be made available round-the-clock in the next few days. RBI Governor Shaktikanta Das said, “RTGS system will soon be made available 24x7 in the next few days. with this enablement, it is proposed to …

RBI: Large fund transfers to be 24/7, contactless card payment hiked to ₹5,000
4 years, 1 month ago

RBI: Large fund transfers to be 24/7, contactless card payment hiked to ₹5,000

Live Mint  

MUMBAI: Customers will soon be able to transfer funds through real-time gross settlement will be available round-the-clock in the next few days, Reserve Bank of India governor Shaktikanta Das said on Friday. Real time means the processing of instructions at the time they are received and gross settlement implies that settlement of funds transfer instructions occurs individually. RBI had allowed …

Online bank transactions: RTGS to be available round-the-clock from December 2020
4 years, 1 month ago

Online bank transactions: RTGS to be available round-the-clock from December 2020

India Today  

The Reserve Bank of India in October 2020, had announced that Real Time Gross Settlement System, used for large value transactions, will be made available round-the-clock and this rule will be implemented from December 1, 2020. Announcing the bi-monthly RBI Monetary Policy decision, the RBI Governor Shaktikanta Das stated, prospects will get round the clock availability of the Actual Time …

RTGS payments to become 24x7 from December: All you need to know
4 years, 3 months ago

RTGS payments to become 24x7 from December: All you need to know

India Today  

Reserve Bank of India Governor Shaktikanta Das on Friday announced that the large-value Real Times Gross Settlement System system for payments will be available round the clock or 24x7 from December 10, 2020. Here is all you need to know about RTGS payments: 1) The RTGS system is primarily for large value transactions and it has no upper payment cap. …

Paytm becomes only app offering NEFT transactions 24/7
5 years ago

Paytm becomes only app offering NEFT transactions 24/7

India TV News  

With the Reserve Bank of India making online NEFT transfers 24/7 on all days including weekends and holidays from Monday, India's digital payment leader Paytm has become the only payments app offering three ways to pay 24x7 seamlessly, within the same "Money Transfer" flow via UPI, IMPS and now NEFT mode. Millions of users can pay up to Rs 10 …

NEFT Online Transactions Available 24x7: 5 Things You Must Know
5 years, 1 month ago

NEFT Online Transactions Available 24x7: 5 Things You Must Know

India TV News  

NEFT transactions will now be available 24x7. In a bid to promote digital transactions, Reserve Bank of India has made transactions possible under the National Electronics Funds Transfer system on all days of the year, including holidays. NEFT Online Transactions Available 24x7: 5 Things You Must Know NEFT transactions are settled in hourly batches. Now, the NEFT online transactions have …

RBI announces slew of measures to push digital payments in India
5 years, 2 months ago

RBI announces slew of measures to push digital payments in India

Live Mint  

The Reserve Bank of India on Friday announced fresh steps to push digital payments in India, including removing charges on online fund transfer system National Electronic Funds Transfer, introducing interoperable system such that FASTags can be used to pay parking fees, fuel, among other measures. The banking regulator mandated banks not to charge savings bank account customers for online transactions …

No charges on NEFT online money transfer from January
5 years, 2 months ago

No charges on NEFT online money transfer from January

Live Mint  

To promote digital transactions, the RBI has asked banks not to charge savings bank account customers for online transactions in the NEFT or National Electronic Funds Transfer system with effect from January 2020. During the same period, the National Electronic Funds Transfer and Unified Payments Interface systems handled 252 crore and 874 crore transactions with year on year growth of …

RBI to extend RTGS money transfer timing from this date; here's all you need to know
5 years, 4 months ago

RBI to extend RTGS money transfer timing from this date; here's all you need to know

India TV News  

RTGS Transaction timings: To promote digital transactions, the Reserve Bank of India has extended the transactions timing for Real-Time Gross Settlement system by an hour for its customers. Earlier this month, in order to promote digital transactions, the RBI had decided to allow round-the-clock fund transfers through the National Electronic Funds Transfer from December this year. New RTGS timing with …

NEFT New Fund Transfer Timings 2019: RBI allows round-the-clock payments from December to promote digitisation
5 years, 5 months ago

NEFT New Fund Transfer Timings 2019: RBI allows round-the-clock payments from December to promote digitisation

Firstpost  

The RBI has decided to allow round-the-clock fund transfers through NEFT from December this year in order to promote digital transactions Mumbai: The RBI has decided to allow round-the-clock fund transfers through NEFT from December this year in order to promote digital transactions. Currently, the National Electronic Funds Transfer operated by the RBI as a retail payment system is available …

Fund transfer via RTGS, NEFT set to get cheaper from Monday
5 years, 6 months ago

Fund transfer via RTGS, NEFT set to get cheaper from Monday

India TV News  

Fund transfer through RTGS and NEFT systems is set to become cheaper from Monday after the Reserve Bank of India decided it will not impose any charges on such transactions. After announcing its decision to waive all charges on fund transfer through RTGS and NEFT systems from July 1, the Reserve Bank of India had also asked banks to pass …

Fund transfers via RTGS, NEFT to cost less from July 1
5 years, 6 months ago

Fund transfers via RTGS, NEFT to cost less from July 1

India TV News  

The Reserve Bank of India Tuesday said it will waive all charges on fund transfer through popular RTGS and NEFT systems from July 1 and asked banks to pass on the benefits to customers from the same day. In order to provide an impetus to digital funds movement, the central bank further said it has been decided that with effect …

RBI removes charges on RTGS, NEFT transactions: Central bank's decision will give a much-needed boost to digital transactions
5 years, 7 months ago

RBI removes charges on RTGS, NEFT transactions: Central bank's decision will give a much-needed boost to digital transactions

Firstpost  

The Reserve Bank of India on Thursday said it would waive the fee currently imposed on banks for availing of its NEFT/RTGS payment servers. Its initiative could have a ripple, nay shaming, effect on: • Goods and services tax regime where the government always suspects that manufacturers and traders don’t pass on the full benefit of input tax credit to …

RBI monetary policy: Central bank removes charges on RTGS, NEFT transactions; asks banks to pass on benefits to customers
5 years, 7 months ago

RBI monetary policy: Central bank removes charges on RTGS, NEFT transactions; asks banks to pass on benefits to customers

Firstpost  

Mumbai: The Reserve Bank of India on Thursday said it has done away with charges on fund transfers through RTGS and NEFT routes to boost digital transactions and asked banks to pass on the benefits to customers. Country’s largest bank SBI charges between Re 1 and Rs 5 for transactions through NEFT and between Rs 5 and Rs 50 for …

RTGS, NEFT charges to come down, money transfer to get cheaper
5 years, 7 months ago

RTGS, NEFT charges to come down, money transfer to get cheaper

Live Mint  

New Delhi: The Reserve Bank of India has decided to eliminate levy on online payment modes -- Real Time Gross Settlement System and National Electronic Funds Transfer – a move that is expected to make such transactions cheaper. “In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by …

ATM charge review to lower RTGS, NEFT fees for money transfer: Key RBI announcements
5 years, 7 months ago

ATM charge review to lower RTGS, NEFT fees for money transfer: Key RBI announcements

Live Mint  

The RBI will set up a committee to review the charges for usage of ATMs. Draft guidelines for on tap licensing of small finance banks will be issued soon while a forex trading platform for retail participants will be set up to make more transactions more transparent. Key RBI announcements today: 1) To promote digital transactions, the RBI has decided …

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