It is mandatory to add the payee’s name while making an online fund transfer. Some banks match the beneficiary’s name as a precautionary measure to ensure fund transfer happens to the correct account, but it’s not mandatory for banks to do so, according to Reserve Bank of India (RBI)#39;s regulations.Online transfer: What happens if you enter wrong IFSC code?
It is mandatory to add the payee’s name while making an online fund transfer. Some banks match the beneficiary’s name as a precautionary measure to ensure fund transfer happens to the correct account, but it’s not mandatory for banks to do so, according to Reserve Bank of India (RBI)#39;s regulations.
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