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.