10.What is the Process flow of IMPS?
Step 1: Remitter sends instruction from his/her mobile through his/her bank provided application or SMS.
Step 2: Remitting bank validates the details of the remitter and debits his/ her account. This transaction is sent by the remitting bank to NPCI.
Step 3: Transaction is passed by NPCI to the beneficiary bank. Beneficiary Bank validates the details of the beneficiary customer, credits the account, sends confirmation NPCI about transaction status and sends a sms to the beneficiary customer informing him of the credit.
Step 4: NPCI sends the transaction status to remitting bank which in turn informs the status of the transaction to the Remitter.
Step 5: Remitting bank send a sms confirmation of the transaction to the remitting customer.
11.Is there any limit on the value of transactions in IMPS?
The limit is defined by RBI in the Mobile Payment Guidelines issued to banks. The customer can transact on IMPS subject to a daily cap of Rs. 50,000/- per customer overall for transactions through mobile for the funds transfer. Transactions up to Rs. 1000/- can be facilitated by banks without end-to-end encryption.
12.Does the customer require a mobile handset of a particular model or make or features to enable this service?
It depends on the bank’s mobile banking interface requirements. This varies from bank to bank. The details can be obtained by the respective banks.
13.What can a customer do incase he / she is not able to install the mobile banking application on his mobile handset?
In case the customer is not able to install the mobile banking application on the mobile handset or the application is not functioning as desired, the customer may need to update the software on the mobile handset and re-install the mobile banking application on the same. If the problem is not resolved, the customer should then contact the helpdesk of the bank whose mobile banking facility the customer intends to use.
14.Can we withdraw and / or deposit money using IMPS?
Presently, the customers cannot withdraw and / or deposit money using IMPS.
15.What if IMPS registered mobile is lost or misplaced? Will anyone who comes into possession of mobile be able to make a remittance from customer’s account?
At the time of mobile banking registration, bank would provide the customer with a User id and MPIN (Mobile Personal Identification Number) for accessing the mobile banking facility. An IMPS remittance will not be possible without these two inputs.
16.What happens in case the remitter enters a wrong beneficiary mobile number for remittance?
The beneficiary details required for making a remittance are mobile number and MMID. The transaction will get declined in case anyone of these two numbers is erroneous and transaction gets reversed instantly.
17.What are the timings for initiating and receiving IMPS remittances?
IMPS transactions can be sent and received at any time and any day. There are no timing or holiday restrictions on IMPS remittances.
18.If the transaction is not completed will the customer get his / her money back? When?
Yes. In case for any reason, technical or business, the IMPS transaction is not completed the reversal of the remitters funds will happen immediately. In case if such a transaction becomes a subject to reconciliation wherein the status of transaction is not determined immediately, the reversal of funds will happen on the next working day.
19.What are the charges for the customer for sending and receiving remittances using IMPS?
The charges for remittance through IMPS are decided by the individual banks. Please contact your bank for the details.
20.Are there any subscription charges for the customers to avail this facility?
The charges for remittance through IMPS are decided by the individual banks.