How does RTGS ensure the accuracy of beneficiary details?

The accuracy of beneficiary details is crucial for successful RTGS transactions. To ensure the accuracy of beneficiary details, banks usually require customers to provide the beneficiary's account number and the IFSC code of the bank where the account is held. The IFSC code is a unique identification code assigned to each bank branch in India by the Reserve Bank of India (RBI). The use of IFSC codes helps ensure that the money is transferred to the correct bank branch and the correct account number. Additionally, banks may also require customers to provide other details such as the beneficiary's name and address, which further helps to ensure the accuracy of the transaction. It is important for customers to doublecheck the beneficiary details before initiating an RTGS transfer to avoid any errors or delays.