The new rules of IMPS Money Transfer may come into effect from 1 February 2024. After the new change, you will be able to transfer money only through the beneficiary’s mobile number and the name registered in his bank account. After this there will be no need to enter details like IFSC code, bank account number.
With time the facilities related to banking have also improved a lot. Now from February 1, the process of IMPS (Immediate Payment Service) is also going to be quite simple. Now many changes have been made in the rules of IMPS payment mode to make it easier. The new rules will come into effect from 1 February 2024. After the new change, you will be able to transfer money only through the beneficiary’s mobile number and the name registered in his bank account.
Amount will be transferred through mobile number and name
According to the current rule, to send a large amount through IMPS, one has to enter the beneficiary’s name, bank account number and IFSC code. This process takes some time. Funds cannot be transferred until the beneficiary details are added. But after the implementation of the new rules, such a long process will not have to be done. Payment up to Rs 5 lakh can be transferred only through mobile number and name registered in the bank account. There will be no need to enter details like IFSC code, bank account number.
24×7 instant money transfer facility is available in IMPS.
Let us tell you that Instant Payment Service (IMPS) is one of the most used methods to transfer money. Through this, 24×7 instant money transfer facility can be availed. It is accessible through different channels like Internet Banking, Mobile Banking App, Bank Branches, ATM, SMS and IVRS. Currently IMPS processes transactions through P2A (Account + IFSC) or P2P (Mobile Number + MMID) transfer mode. After the implementation of the new rules, this process can be done only through mobile number + bank name.
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