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1/5
New rule
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2/5
Current IMPS process
“Mobile Number + Bank Name” based transactions shall be carried out on existing P2P railroad using Mobile Number + default MMID combination.
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3/5
How does it work
Before commencing a financial transaction, remitter institutions must offer the consumer with a beneficiary validation facility.
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4/5
Customer consent
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5/5
In a nutshell, the new simplified IMPS explained
2) Real-time beneficiary validation before authorising transaction. Lesser scope of incorrect or wrong account transfer.
3) Transfer up to Rs 5 lakh without adding beneficiary.
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