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beneficiary name verification News

NPCI's New UPI Rule: Banning Nicknames to Ensure Safer and Error-Free Transactions for Users

Ryan Peterson 29 Apr, 2025

The NPCI has mandated that UPI applications display only the bank-registered names of beneficiaries to enhance transaction safety and reduce fraud. This move, effective by June 30,...

Business

RBI Sets April 2025 Deadline for Mandatory Beneficiary Name Verification in RTGS and NEFT Transfers

Michael Lee 31 Dec, 2024

The Reserve Bank of India mandates banks to implement a beneficiary name verification system for RTGS and NEFT transfers by April 2025, enhancing the security of digital fund trans...