Now Transfer Money To Any Bank via Mobile Phone At 10p

In a bid to boost the Mobile Banking services in India, National Payments Corporation of India (NPCI) has reduced the transaction fee for Mobile Money Transfers via Inter-Bank mobile payment service (IMPS) to 10 paisa from the existing 25 paisa per transaction to the remitting bank.

In case of SMS based remittance, the account holder will be charged Rs. 2 per SMS, which NPCI is trying to get waived-off by talking to mobile phone operators.

According to Reserve Bank India (RBI)’s Mobile Banking regulations the maximum amount to be remitted through mobiles at Rs. 50000 a day.The new rates will be effective from 1st April 2011.

National Payments Corporation of India (NPCI) commercially launched the “Interbank Mobile Payment Services in November 2010. It is India’s first instant, real-time, 24*7 fund transfer facility in the retail payment sector. IMPS is co-created by NPCI along with its partners, participating banks, their service providers, MPFI and IDRBT.

This service has been available with 7 banks viz. State Bank of India (SBI), Bank of India (BOI), Union Bank of India, ICICI Bank, HDFC, AXIS Bank and Yes bank. Seven more banks are in the process of activating the IMPS and 22 others are expected to join the IMPS network soon.