A very large number of MMID’s have been issued to their customers by the IMPS participant banks. The number of transactions are slowly picking up. In July 12, the total IMPS transactions were 75,000+ i.e more than double of June 12.
During the last two months, many innovative sub-products have been rolled out by NPCI-IMPS team. In the next couple of months, there will be a sharp hike in the IMPS volumes.
Informal discussions with bank customers show that customers are willing to try IMPS in their daily routine. Slowly, the customers are veering around the need to remember MMID and the beneficiaries’ mobile number. However they were willing to experiment with other alternates too.
With NEFT/RTGS now very popular amongst bank customers, the NPCI-IMPS team borrowed few details from the NEFT/RTGS format i.e Account Number and IFS Code.
RBI vide a notification dt.20/04/2012, has made it mandatory for Banks to print MICR Code and IFSC Code on Passbook/Statement of Account, apart from on the Cheque leaves. This has further spread the awareness of IFS Code amongst bank customers.
On 31st July, 2012, a new IMPS sub-product was launched by NPCI. 3 Banks are part of the initial rollout. Dombivli Nagari Sahakari Bank, The Greater Bombay Co-operative Bank and Canara Bank have gone live on IMPS using Account No and IFS Code.
So, now go ahead and do an IMPS transfer, with an Account number and IFS Code 24*7, 365 days.
- The NEFT revolution! (loans.msn.bankbazaar.com)
- SBI-IMPS and IRCTC join hands – Minimize fraudulent transactions. (simplybanking.wordpress.com)