NEFT/RTGS/ECS – Credit/Debit Solely based on Account Number
RBI has issued new guidelines for credit of inward fund transfer for NEFT/RTGS/ECS Credit and debit in case of ECS Debit. To ensure straight-through processing and quicker credit/debit and return, RBI has allowed banks to credit the incoming NEFT/RTGA/ECS solely based on the account number in the instruction. Beneficiary Banks are not required to manually … Read more