Biz Updates: Account holder’s name will be visible in RTGS and NEFT from April 1; country’s foreign debt rises to $711.8 billion

New Delhi| Soon the name of the customer to whom the amount will be transferred for online fund transfer system like RTGS and NEFT will be visible. With this, you will be able to avoid mistakes or fraud in transactions. RBI has asked National Payments Corporation of India to develop such a facility and involve all banks in it. The Reserve Bank said, all banks which are members of Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) system will have to provide this facility free of cost before April 1. At present this facility is available in UPI and Immediate Payment Service (IMPS).

The country’s external debt increased to $711.8 billion
India’s external debt increased to $711.8 billion in September this year. That’s up 4.3 percent compared to $29.6 billion in June, 2024. The country had $637.1 billion in foreign debt at the September, 2023 end. The ratio of foreign debt to gross domestic product (GDP) rose to 19.4 per cent in September, 2024, the Finance Ministry said in India’s quarterly external debt report released on Monday. In June, 2024, it had been 18.8 percent. As of September, 2024 India had the highest share of debt in US dollars with 53.4 per cent of its external debt. This was followed by the Indian rupee (31.2 per cent), the Japanese yen (6.6 per cent), special drawing rights (five per cent) and the euro (three per cent). The report further states that the outstanding external debt of the central and state governments as well as the non-government sector has increased at the end of September, 2024 as compared to June, 2024. Debt was the largest component of external debt. Its share was 33.7 per cent. This was followed by currency-deposits (23.1 per cent), trade credit-advances (18.3 per cent) and debt securities (17.2 per cent), respectively.