Wrong NEFT

Dear Mr. Maheshwari,

Please confirm is the name of account holder is same as other a/c holder who received the money?

If the name is same than you will have to fight a case against him if not than it is a bank's mistake as incase of NEFT the a/c holder name should be mentioned along with a/c no# and IFSC code.

I am sure you must have mentioned the same while doing the neft and if the name is different and than also the amount has been transfered to his account than it is a clear fault of bank not your's.

Hence, My recommandation is please check at your end what name was mentioned and on whose name the amount was in which the amount got credited.

You can also go through the below mentioned link of RBI (Reserve Bank Of India) and read Question No# 8 and do take the printout of this RBI web page which is as follow:

https://rbi.org.in/Scripts/FAQView.aspx?Id=60

Q.8. How does the NEFT system operate?

Step-1 : An individual / firm / corporate intending to originate transfer of funds through NEFT has to fill an application form providing details of the beneficiary (like name of the beneficiary, name of the bank branch where the beneficiary has an account, IFSC of the beneficiary bank branch, account type and account number) and the amount to be remitted. The application form will be available at the originating bank branch. The remitter authorizes his/her bank branch to debit his account and remit the specified amount to the beneficiary. Customers enjoying net banking facility offered by their bankers can also initiate the funds transfer request online. Some banks offer the NEFT facility even through the ATMs. Walk-in customers will, however, have to give their contact details (complete address and telephone number, etc.) to the branch. This will help the branch to refund the money to the customer in case credit could not be afforded to the beneficiary’s bank account or the transaction is rejected / returned for any reason.

Step-2 : The originating bank branch prepares a message and sends the message to its pooling centre (also called the NEFT Service Centre).

Step-3 : The pooling centre forwards the message to the NEFT Clearing Centre (operated by National Clearing Cell, Reserve Bank of India, Mumbai) to be included for the next available batch.

Step-4 : The Clearing Centre sorts the funds transfer transactions destination bank-wise and prepares accounting entries to receive funds from the originating banks (debit) and give the funds to the destination banks(credit). Thereafter, bank-wise remittance messages are forwarded to the destination banks through their pooling centre (NEFT Service Centre).

Step-5 : The destination banks receive the inward remittance messages from the Clearing Centre and pass on the credit to the beneficiary customers’ accounts.

and when you face the chargesheet you can present this printout document in front of inquiry commitee and demand the same for dismisal of chargesheet and get ready to file a case against the bank officials of branch in which the a/c holder has an account in which the amount got credited and let the bank discuss the matter with account holder.

I have also attached the file for your reference.