IMPS stands for Instant Payment Service in Indian Banking System Terminologies. It is a money transfer mechanism made available by the country’s apex bank, the Reserve Bank of India and the National Payments Corporation of India (NPCI). In 2010, NPCI launched IMPS service through a pilot project with major banks, IMPS has now grown to 150 banks.
A key feature of IMPS is that it is always available for use. It transfers funds instantly and is a great banking platform in case of emergency. The transaction charges of this platform are also very nominal and the transfer limit is also worth considering, approximately ₹50 thousand per day. Moreover IMPS is also available on mobile which makes it more convenient.
The National Payments Corporation of India (NPCI) is responsible for managing the IMPS fund transfer system. This system is controlled by the Reserve Bank of India. IMPS may define IMPS as an instant, inter-bank real-time fund transfer mechanism enabled through electronic means.
The procedure for IMPS transfer through mobile banking is as follows
Log in to your bank’s mobile banking application; Add Beneficiary, if not already added (Process of adding Beneficiary is described above), once Beneficiary is added, click on Send Money / Fund Transfer tab and go to IMPS option; There enter beneficiary mobile number, amount and beneficiary’s Mobile Money Identifier (MMID). The application will then ask for your mobile PIN (M-PIN) to validate the transfer, once you verify your mobile PIN your money will be transferred and then the bank will send you a confirmation text message with reference to the transaction number. You will see that transaction no. Can be used for feedback/inquiries and complaints.
Also, to get money through IMPS, provide your mobile number. and Mobile Money Identifier (MMID) to the payer and then the payer will be able to transfer money to you through IMPS. If the payer is paying you through IMPS net-banking, you need to provide the payer with your account details like account name, account number, IFSC. (IFSC) code etc. have to be provided so that the donor can include you as a beneficiary.
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