Money Transfer Rules: The beginning of next month, or on February 1, 2024, will see the implementation of new guidelines for money transfers using IMPS. As of this date, customers will only need to enter the recipient’s bank account name and mobile number in order to send money via IMPS. The National Payments Corporation of India (NPCI) states that adding a beneficiary is not necessary in this case. IFSC code is likewise not necessary, according to Livemint News. Money transfers between banks are now simple and hassle-free thanks to online modes.
NPCI Circular Mandate
The NPCI circular dated October 31, 2023, according to the report, requests that all members take note of this and begin accepting fund transfers by bank name + mobile number on all IMPS channels by January 31, 2024. Follow through. According to the circular, banks would also offer customers the ability to successfully add a legitimate cellphone number and bank name as a payee or beneficiary on mobile and online banking platforms.
IMPS Fund Transfer Overview
A significant portion of fund transfers made online happen via IMPS. This essential payment system can be accessed via a variety of channels, including ATMs, bank branches, mobile banking apps, internet banking, SMS, and IVRS. It offers instant domestic money transfers around-the-clock. At the moment, P2A (Account + IFSC) or P2P (Mobile Number + MMID) transfer modes are used by IMPS to complete transactions.
Handling Multiple Linked Accounts
The beneficiary bank will credit the primary/default account in the event that numerous accounts are linked to a single mobile number, according the NPCI circular. With the approval of the consumer, the primary/default account will be recognised. The bank will reject the transaction if the consumer doesn’t give permission.
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER