Rules for online money transfer from one bank to another changed: Details

IMPS Rules change: As of now, IMPS processes transactions through P2A (Account + IFSC) or P2P (Mobile Number + MMID) transfer modes.

Published on: Jan 29, 2024, 16:30:01 IST

By HT News Desk

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Users will be able to transfer money through Immediate Payment Service (IMPS) by just adding the receiver's mobile number and bank account name from February 1, the National Payments Corporation of India (NPCI) said as there will be no need to add a beneficiary and the IFSC code.

IMPS Rules change: Immediate Payment Service (IMPS) is one of the most commonly used methods of money transfer.

“All the Members are hereby requested to take note of the same and comply for initiating and accepting fund transfer through Mobile number + Bank name on all IMPS channels by 31st January 2024," NPCI said in a circular, adding that remitter banks are directed to maintain a mapping of Member Bank Names with default MMID and undertake necessary UI/UX enhancements.

What is the Immediate Payment Service (IMPS)

Immediate Payment Service (IMPS) is one of the most commonly used methods of money transfer as it provides funds through various channels like Internet banking, mobile banking apps, bank branches, ATMs, SMS, and IVRS.

How do IMPS process transactions currently?

As of now, IMPS processes transactions through P2A (Account + IFSC) or P2P (Mobile Number + MMID) transfer modes.

What about multiple accounts linked against mobile number?

For multiple accounts linked against the mobile number, the Beneficiary bank shall credit to the primary/default account which will be identified using the customer's consent. If customer consent is not provided, the bank shall decline the transaction.

How to transfer money through IMPS?

Open your mobile banking app
Click ‘Fund Transfer’
Choose ‘IMPS’
Enter the beneficiary’s MMID (Mobile Money Identifier) and your MPIN (Mobile Personal Identification Number)
Enter the amount you want to transfer
Click on ‘Confirm’ to proceed
You may receive an OTP on your registered mobile number.
Enter the OTP and complete the transaction.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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