If you use IMPS (Immediate Payment Service), this news is important for you. IMPS transfers are getting simpler.
You can now send up to Rs 5 lakh between accounts without adding a beneficiary. The NPCI (National Payments Corporation of India) has streamlined the instant payment service for easier transactions.
With this change, you can transfer money using only the beneficiary’s mobile number and their registered bank account name. It’s essential to note that this service isn’t available just yet.
New Rules
Previously, to send a substantial sum through IMPS, you had to provide the beneficiary’s name, bank account number, and IFSC code.
This process was time-consuming, and funds couldn’t be transferred until the beneficiary details were added.
However, under the new rules, this lengthy process won’t be necessary. You can transfer up to Rs 5 lakh using only the beneficiary’s mobile number and their bank account’s registered name.
Potential Expansion to Corporate Transactions
NPCI suggests that this new system may extend to corporate, wholesale, and retail transactions.
It’s important to remember that the upper limit may vary from one bank to another, depending on their policies.
The new facility relies on the name registered in the beneficiary’s bank account for verification.
When this new feature becomes available, make sure to enter the mobile number and the registered bank account name accurately.
