Good news for those who transfer money online! Starting February 1, the National Payments Corporation of India (NPCI) has made changes to the rules for Immediate Payment Service (IMPS), making the process simpler and more user-friendly.

No more adding beneficiaries and IFSC codes:

This means you can now send money to anyone just by knowing their mobile number and bank name. No more hassle of remembering long codes and managing beneficiary lists.

Faster and more convenient:

With the streamlined process, sending money through IMPS takes less time and effort, making it a more convenient option for everyday transactions.

Wider reach:

This change has the potential to bring more people into the fold of digital payments, as it removes a major barrier for those who find the current process cumbersome.

How it works:

– Open your mobile banking app. – Select "Fund Transfer" and choose "IMPS."

– Enter the recipient's mobile number and bank name. – Input the amount you want to transfer. – Review the details and confirm the transaction.

This change applies to both person-to-person (P2P) and account-to-account (P2A) transactions.

All banks and financial institutions must comply with the new rule by January 31, 2024.