In a move aimed at giving a boost to the mobile banking facility the Reserve Bank of India has allowed National Payment Corporation of India (NPCI) to provide additional feature under the facility of Interbank Mobile Payment Service (IMPS) which would allow a bank customer to transfer money from ATM or internet to beneficiary’s mobile.
IMPS, which was launched in August last year has grown at a slower pace than anticipated despite the fact that the number of banks providing this facility have increased from 4 at its inception to 28 in October this year.
The Managing Director and CEO of NPCI, Mr. A. P. Hota said “The IMPS has so far facilitated instant inter-bank funds transfer between the sender and the receiver using the mobile. Now, following the RBI's permission, the IMPS will also facilitate funds transfer from ATM to mobile and the Internet to mobile.”
The daily limit of this service is set at Rs. 50,000 per day per customer which includes fund transfer as well as purchase of goods.
