The Inter-bank
mobile payment service (IMPS) allows banks to facilitate real-time
transfer and receipt of funds for account holders through their mobile phones.
The accounts to which the funds are to be transferred can be with the same bank
or other specified banks. The transfer can be done using mobile phones or
the Internet banking facility at any time, including Sundays and bank holidays.
To use this facility, account holders need to register with their respective banks. For the mobile banking service, they must register with their bank. This can be done online using the customer identity and IPIN provided by the bank or by downloading the mobile banking application form from the bank's website and submitting the completed form at the nearest bank branch.
Process
To use IMPS, the transferor and the beneficiary must have mobile money identifiers (MMID), which can be generated by accessing the account online, mobile banking or by sending SMS to the number specified by the respective bank.
Fund transfer
The
transfer process is menu-driven and will require the transferor to provide his
MMID and amount to be moved, as well as the registered mobile number and MMID
of the beneficiary.
Confirmation
An
SMS alert of the debit to the transferor and credit to the beneficiary will be
sent to both the parties once the transfer is made.
Charges
Each bank offering the service will individually decide whether there are charges applicable on using the IMPS.
Points to note
1.
The mobile number and MMID of the beneficiary
provided at the time of transfer must tally with the registered information
with the bank before the transfer is complete.
2.
The RBI has removed the Rs 50,000 limit on fund
transfer through mobile banking, but banks specify limits based on their risk
assessment.
3.
The MMID can be cancelled by making the
necessary request to the bank.
(Content courtesy: Centre for Investment Education and Learning (CIEL))
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