The Delhi High Court has ordered the Reserve Bank of India to implement a Beneficiary’s Name Lookup Facility for RTGS and NEFT transactions to combat cyber fraud. Justice Pratibha M Singh underscored the urgent need for this system to protect consumers from fraudulent transfers, highlighting its significance in enhancing security in digital payments.
Today(26th Sept),The Delhi High Court stated that it lacks the resources and expertise to create a uniform banking code for foreign exchange transactions aimed at curbing black money and benami dealings. It directed that the petition be treated as a representation to the Ministry of Finance, which will consult with the Ministry of Home Affairs and the Reserve Bank of India.
