IMPS New Money Transfer Rules From Feb 1

Published On: January 30, 2024 - From February 1, 2024, customers will likely be able to transfer up to Rs 5 lakh between bank accounts without adding beneficiary details using the Immediate Payment Service (IMPS). As per the National Payments Corporation of India (NPCI) circular, dated October 31, 2023, all members must comply with the directive for initiating and accepting fund transfers via mobile number and bank name on all IMPS channels by January 31, 2024.