RBI’s new initiative to prevent incorrect RTGS and NEFT fund transfers

The Reserve Bank of India (RBI) has introduced a new initiative aimed at preventing incorrect fund transfers via RTGS (Real-Time Gross Settlement) and NEFT (National Electronic Funds Transfer). The move comes in response to increasing instances of erroneous transfers and customer complaints. The RBI's new guidelines focus on ensuring greater accuracy and reliability in digital transactions, particularly with regard to large value fund transfers. This initiative is expected to boost consumer confidence in electronic payment systems and improve the overall security of India’s digital financial infrastructure.