You can benefit from this news if you use net banking as well. Soon, users will be able to send money using IMPS without having to attach the account number of the recipient. The account holder would be able to directly transfer up to Rs 5 lakh using this. The account holder must input the recipient’s mobile number and their name as it appears on their bank account in order to transfer money. This facility will soon be accessible. Account holders used to need to associate their account with an IFSC code in addition to their account number in order to send money using IMPS.
Additionally, the registration process is time-consuming
It is not possible to send money before the account is linked. Shortly after the account is linked, money is transferred. However, NPCE is currently making plans to modify this system so that connecting the account won’t be necessary. Allow us to introduce you to IMPS, an NPCI payment transfer service. This allows for the constant movement of funds.
The ability to confirm the beneficiary will be offered under the new IMPS feature
By using this, the individual making the money transfer will be able to verify whether the recipient’s account number is accurate. The account holder will also be able to verify the name that was put in the bank details with this feature. With wholesale and wholesale, this approach will be extended to the corporate level. There are now two methods to send money using IMPS:
The bank name, branch IFSC code, and account number are needed in order to transfer funds using the first method. The beneficiary’s account must be connected to the user’s account in order to do this. To transfer money between accounts using the second method, MMID must be used.
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