RBI proposes lookup facility for NEFT, RTGS; banks to comply by April 1

The RBI has proposed the introduction of a "lookup" facility for National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) systems. This new feature will allow banks and financial institutions to verify and track the status of transactions more efficiently. The proposal aims to enhance the transparency and reliability of the payment systems. The RBI has set a deadline of April 1 for banks to implement the lookup functionality, which is expected to streamline operations and reduce transaction errors.