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.

from Moneycontrol Business News https://ift.tt/399QhQW