Imps Rule Change News Today : Breaking News, Live Updates & Top Stories | Vimarsana

New IMPS rule likely from February 1: While sending money, the sender will now enter or select the receiver's mobile number and bank name from the list of the banks enabled on the flow, instead of entering the unique MMID, said Sanjeev Moghe, President and head — Of cards and Payments, at Axis Bank. NPCI says that up to Rs 5 lakh can be transferred through simplified IMPS without adding a beneficiary. How will it work? What do you need to keep in mind while transferring your money? All you need to know

NPCI has simplified Immediate Payment Service (IMPS) to make bank account transfers easier and error-free. You can just use the mobile number and bank account name of the receiver or beneficiary to send money. Soon, you will be able to send up to Rs 5 lakh can be transferred through simplified IMPS without adding a beneficiary. NPCI says that this payment experience will be accompanied by real-time beneficiary name validation. How will the new simplified IMPS work and how it will benefit you. Read on to find out.