New IMPS money transfer rule: Soon, send up to Rs 5 lakh with mobile no., bank name; no need to add beneficiary, account, IFSC
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.
Source: indiatimes.com
