The National Payments Corporation of India (NPCI) has announced a useful upgrade to the popular IMPS money transfer platform from February 1st. Customers will no longer need beneficiary account details like bank a/c number, IFSC code to send or receive funds via IMPS channels, under Rs 5 lakh.
Simply entering the receiver’s mobile number appended with their bank name will now enable successful P2P transactions on IMPS via mobile apps, SMS, IVRS platforms and more. NPCI has directed member banks to ensure compliance by January 31st.
Addresses Multiple Account Scenario
For situations where multiple accounts are linked to the beneficiary mobile number provided, their bank will by default credit the primary account on file based on previous user consent. If no consent designating a main account is available, banks will decline the IMPS transaction attempt.
This new process effectively tackles the common scenario of recipients having savings as well as current accounts that use the same registered phone number for banking. The simplified input also quickens the funds transfer process through reduced fields.
Step-by-Step Guide for Sending Money
Here is how to send funds via IMPS using just mobile number and bank name:
- Open your banking app and select Funds Transfer
- Choose IMPS option
- Input receiver’s mobile number and bank name
- Enter transfer amount and MPIN
- Confirm details and submit
- Enter the OTP received to complete transaction
