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Banker'S Faqs For Immediate Payment Service (Imps) : April, 2013
Banker'S Faqs For Immediate Payment Service (Imps) : April, 2013
For
Immediate Payment Service
(IMPS)
April , 2013
What is IMPS?
Immediate Payment Service (IMPS) is a service introduced by NPCI empowering bank
customers to transfer money instantly within any of the IMPS enabled member banks
in across India. The service comes with many unique features like availability 24X7,
simplicity in transaction flow and accessible through mobile banking, net banking and
ATM channel.
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Does the customer need to have a bank account for availing IMPS?
Yes, the customer needs to have a bank account with the bank which has enabled this
facility.
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Does the customer need to register to remit the funds through IMPS?
Yes. Customer should enroll for Mobile Banking Service. The registration process shall
be as per their banks laid down procedures.
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Can a customer link more than one account to the same mobile number?
Yes. The customer can link the same mobile number to more than one account subject
to feasibility provided by the bank.
9.
In case if the customer has more than one account linked to his / her mobile
number how does he select the account from which he / she intends to pay?
The bank will allocate a Mobile Money Identifier (MMID) for each account of the mobile
banking customers. The customer can select the account using this MMID allocated to
him / her.
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What beneficiary details does the customer need to affect an IMPS remittance?
The beneficiary details required are:
a.
Beneficiarys mobile number
b.
MMID of the beneficiary customer
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How does the beneficiary bank revert to the transactions which cannot be
credited to beneficiary accounts?
NPCI has defined decline response codes for various anticipated failures. The
beneficiary banks have to use these response codes to decline the transactions so
that the justification for the decline is ultimately passed on to the customer.
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Are there any limits with respect to amount for IMPS transactions?
With end to end encryption: Banks are free to set their own limit. (Refer RBI circular
RBI / 2011-12/312 DPSS.CO.PD.No. 1098 / 02.23.02 / 2011-12 dated December 22,
2011)
Without end to end encryption: Transaction up to Rs 5,000 can be facilitated. (Refer
RBI circular RBI / 2010-11/511 DPSS.CO.No. 2502 / 02.23.02 / 2010-11 dated May
04, 2011)
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Who is responsible to monitor the amount limits at account level for IMPS
transactions?
The participating banks have to monitor and control the amount limits as prescribed by
RBI for Mobile Payments at the time of debit.
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What are the settlement files that a bank can receive from NPCI for IMPS?
For the convenience of banks, the settlement files and reports are developed similar to
that of National Financial Switch. The participating banks can download reports from
the site using login id and password issued to them by NPCI.
The bank will get raw data files, Transaction file, Verification report and Net settlement
file from NPCI.
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Is there an amount limit for the participating banks for their transactions?
Yes, the limit allocated to the banks is called Net Debit Cap (NDC). The NDC
calculated by NPCI at any instant for the IMPS will be net of total outward and inward
for the day. This is the maximum allowable debit for a particular bank for a day. This
value is decided on the basis of the participating banks contribution to the Settlement
Guarantee Fund.
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