This is of importance to all of you who involve yourself in NEFT/RTGS transactions.

Earlier, you had the quote your account number/type of account/ name of the beneficiary. The bank had to match all these fields to ensure that your remittance goes through.

Due to a lot of variations in the name – the system found it hard to handle. Lot of problems were being faced during these transactions.

Now RBI has told the banks…..forget about the rest….if an individual gives a remittance instruction and a bank account number….credit to that account – don’t match other criteria.

So be careful when you are doing  Internet banking…..

To download the RBI letter October 14, 2010  CLICK HERE.


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