New Delhi:
Great news for IMPS (Immediate Payment Service) users! Sending money is about to become more straightforward as the National Payments Corporation of India (NPCI) introduces a user-friendly update.
With this enhancement, you will soon be able to transfer amounts of up to Rs 5 lakhs from one account to another without the hassle of adding a beneficiary.
This change streamlines the instant payment service by allowing transfers based on the recipient’s mobile number and the name registered in their bank account.
Current Rules vs. Upcoming Changes
As per the current rule, sending a substantial sum via IMPS requires entering the beneficiary’s name, bank account number, and IFSC code.
This process can be time-consuming, as funds cannot be transferred until beneficiary details are added.
However, the forthcoming rules promise to eliminate this cumbersome procedure, enabling payments of up to Rs 5 lakhs using only the beneficiary’s mobile number and their bank-registered name.
Potential for Corporate and More
NPCI envisions extending this new system to corporate, wholesale, and retail transactions. The upper limit will vary among banks based on their policies.
The enhanced facility relies on the name used in the beneficiary’s bank account for verification.
After the launch of this feature, users should exercise caution when entering the details of the mobile number and the name registered in the bank account.
