Mumbai, October 17: The National Payments Corporation of India (NPCI) has simplified Immediate Payment Service (IMPS) to make bank account transfers easier and error-free. Soon, a person will be able to transfer up to Rs 5 lakh from one bank account to another without adding a beneficiary. The new system will allow the user to use the mobile number and bank account name of the receiver or beneficiary to send money, eliminating the need for adding a beneficiary, IFSC code, or account number, ET reported.

The NPCI said IMPS is a real-time interbank electronic fund transfer service that allows you to transfer funds instantly within banks across India. It is available 24X7 and can be accessed through multiple channels like mobile, internet, ATM, and SMS. IMPS is a safe and economical service offered by 807 members, including banks and PPIs. State Bank of India's Internet Banking, UPI-YONO Service To Remain Shut Due to Scheduled Technology Upgrade; Check Time and Details.

How IMPS works:

With the new simplified feature, a user can now send person-to-person payments using mobile numbers and MMIDs. The sender can now input the recipient’s mobile number and bank name, with real-time beneficiary name validation, instead of requiring the unique MMID. This feature is available across all banks enabled on IMPS. RBI Action on BOB World: Reserve Bank of India Bans Bank of Baroda From Onboarding New Customers on Its Mobile App, Know Why.

The daily transaction limit for IMPS has been set for up to Rs 5 lakh. The charges associated with IMPS transactions may vary between Rs. 5 to Rs. 15, depending on the specific conditions set by the respective banks. In addition to transaction charges, IMPS transactions may also levy an additional service tax.

(The above story first appeared on LatestLY on Oct 17, 2023 11:01 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).