With this new IMPS sub-product, SBI customers can transfer funds through the IMPS to other bank customers even without the beneficiary MMID details.
As on date, there are 7 Banks live on the IMPS-Account Number/IFS Code network. The following are the 6 banks other than State Bank of India i.e Dombivli Nagari Sahkari Bank, Greater Bombay Bank, Tamilnad Mercantile Bank, The A P Mahesh Urban Co-operative Urban Bank, Canara Bank, Dena Bank and Indian Bank.
The main beneficiaries are the customer base of the other 6 banks, as SBI has a large customer base.
SBI has a dedicated hub to resolve IMPS related customer complaints, if any.
The process is simple : –
Mail to: email@example.com.
Of course, some details have to be furnished viz:
For remitter-Date of transaction, User ID of the remitter, Mobile number of the payee, MMID of the payee, amount remitted, TID and the IMPS reference no.
For payees-Date of transaction, account number, amount and IMPS reference no.
The IMPS reference is the key identifier to track the payment across the IMPS network.
So, go ahead now, and experience the magic of IMPS.
- Now, payments to Kirana Stores & Small Merchants can be done using mobile via IMPS! (trak.in)
- IMPS – transfer if you know the Beneficiary Account Number and IFS Code. (simplybanking.wordpress.com)
- Dish TV Launches Recharge Through IMPS (medianama.com)