National Payment Corporation of India is going to make IMPS service more convenient. Under this, now up to Rs 5 lakh can be sent directly without linking the beneficiary to the bank account.
For this, only the mobile number of the beneficiary and the name registered in the bank will be required. This feature will be coming soon. In the present system, to send money through IMPS, registration has to be done by entering the name of the beneficiary, his bank account number and IFSC code of the bank.
This process of registration also takes some time. The amount cannot be sent until the beneficiary details are linked to the other account. Once the account is linked, the beneficiary receives the money through IMPS immediately. After the implementation of the new rule, the process of adding account details will not have to be completed.
Will be able to verify the beneficiary
It is being told that the new service of IMPS will also provide the facility to verify the beneficiary. With this, the sender of money will be able to see whether the account number of the person to whom he is sending the money is correct or not. The new feature will help the sender to double check the name entered in the bank details.
There will be expansion in these areas
NPCI said this new arrangement will be extended to corporates with wholesale and retail transactions. Its upper limit will vary from bank to bank depending on their policies.
Two ways to send money right now
- In the first method, to send money one has to use the bank account number, bank name and IFSC code of the bank. Using these, the beneficiary’s account has to be linked to one’s own account.
- The second method involves using mobile number and Mobile Money Identifier (MMID) to identify the beneficiary while sending money from one bank account to another. MMID is a seven digit number which the bank issues to its customer.
