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The Reserve Bank of India (RBI) has introduced a new feature called the Beneficiary Account Name Look-up Facility for funds transfers made through RTGS and NEFT. This will allow senders to verify the name of the account holder before completing a transaction, similar to how UPI and IMPS work. Currently, UPI and Immediate Payment Service (IMPS) let users confirm the recipient’s name before making a payment. RBI Governor Shaktikanta Das explained that this new facility will help reduce errors and fraud in transactions.
Additionally, the RBI announced some changes to UPI transaction limits. The UPI Lite wallet limit will increase from ₹2,000 to ₹5,000, and the per-transaction limit for UPI123Pay will rise from ₹5,000 to ₹10,000.
In another update, the RBI has kept the key interest rate unchanged for the tenth time in a row. Governor Das confirmed that the repo rate remains at 6.5% following the recent Monetary Policy Committee (MPC) meeting.
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