Bank New IMPS Update: Without connecting accounts, you may use IMPS to transfer up to 5 lakh rupees

 Bank New IMPS Update: Without connecting accounts, you may use IMPS to transfer up to 5 lakh rupees

Bank New Update: The ability to confirm the beneficiary will be provided via the new IMPS facility. By using this, the individual making the money transfer will be able to verify if the recipient's account number is accurate.

IMPS Money Transfer: This information will be helpful to you if you also utilize online banking. With IMPS, users will soon be able to send money without tying the recipient's account number to theirs. The account user would be able to immediately transfer up to Rs 5 lakh using this. The account holder must input the recipient's cellphone 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 pay money using IMPS.

Additionally, the registration procedure is time-consuming. It is not possible to send money before the account is connected. Shortly after the account is linked, money is sent. 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 money 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 if the recipient's account number is accurate. The account holder will also be able to verify the name that was put in the bank data using 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.