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New Rules for Online Money Transfers Between Banks (IMPS)

New Rules for Online Money Transfers Between Banks (IMPS)

Starting February 1, 2024, IMPS transactions will no longer require adding beneficiaries or IFSC codes. Instead, users can transfer funds by simply inputting the recipient's mobile number and bank account name.

This move by the National Payments Corporation of India (NPCI) aims to simplify and expedite the process. For individuals with multiple accounts linked to a single mobile number, the beneficiary bank will credit funds to the primary/default account, unless specified otherwise by the customer. This change underscores NPCI's commitment to enhancing user experience and efficiency in digital transactions.

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