Interbank Mobile Payment Service (IMPS)
Key features
Instant interbank fund transfers
24 x 7 x 365 availability
No more sharing of bank account details
Credit and debit confirmations to sender and receiver
Simple & easy to use
Time & cost saving
Safe & secure
Easily adaptable for merchant payments and financial inclusions
This service to prove foundation for all future mobile enabled banking services with NPCI as the central routing agency
Customer Registration
Beneficiary
Register his / her mobile number with the bank account and get MMID from his/her respective bank.
Remitter
Register for mobile banking and get MMID & MPIN from the respective bank.
Initiate a transaction A remitter can initiate an IMPS transaction using:
Beneficiary Mobile Number
Beneficiary MMID
Amount
MMID is a 7 digit number, to be issued by the bank to the customer upon registration
Multiple accounts per mobile number
Eliminate human errors
Transaction routing
A...C BANK LTD Payee Mobile Number 9901234567 Payee MMID 9001111 Amount 500 MPIN XXXX
Transaction flow Sender
• • • • •
Sending Bank
MPIN validation Sender a/c identification Debit to the Sender’s a/c Generate and send transaction SMS confirmation to the sender
NPCI
Receiving Bank
• • •
•
Receiver
Receiver a/c identification Credit to the Receiver’s a/c Generate and send transaction response SMS confirmation to the receiver
Amount Limits With end to end encryption:
Banks are free to set their own limit (Refer RBI circular Circular RBI / 2011 12/312 DPSS.CO.PD.No. 1098 / 02.23.02 / 2011-12 dated December 23, 2011)
Without end to end encryption:
Transactions up to Rs. 5,000 can be facilitated (As per RBI circular RBI/2010-11/511 DPSS.CO.No.2502 /02.23.02/ 2010-11 dated May 04, 2011)
These limits are prescribed by the Reserve Bank of India
Compliance All the participant institutions should comply with :
Guidelines on Risks and Controls in Computers and Telecommunications
KYC and AML Guidelines
Guidelines on Outsourcing
Guidelines on use of Business Correspondents
Reporting of Suspicious transactions to Financial Intelligence Unit (FIUIND)
Fees to be charged Transactions
No fees is charged till 31 st March 2011
From 1st April 2011, Rs. 0.10 per successful transaction
For the initial one year, no fee shall be levied on unsuccessful / failed transactions
No fee will be charged on verification requests
Settlements
Rs. 200 per day per bank per settlement payable to CCIL until NPCI becomes a Type-D RTGS member
Banks offering IMPS Andhra Bank Axis Bank Bank of Baroda Bank of India Canara Bank Catholic Syrian Bank Citibank Corporation Bank Development Credit Bank Dhanlaxmi Bank Dombivli Nagari Sahakari Bank Federal Bank
Indian Overseas Bank Indusind Bank Karur Vysya Bank Kotak Mahindra Bank Lakshmi Vilas Bank Oriental Bank Of Commerce Punjab National Bank South Indian Bank State Bank Of Bikaner & Jaipur State Bank Of India
HDFC Bank
The Greater Bombay Co-operative Bank Ltd.
ICICI Bank IDBI Bank Indian Bank Yes Bank
UCO Bank Union Bank Of India Vijaya Bank
Syndicate Bank Tamilnad Mercantile Bank
Please write to us on
[email protected]
Please visit us on www.npci.org.in
Thank you
