New IMPS rule from February 1, 2024: only the mobile number and bank name is required

[Navjot Singh]

New IMPS rule from February: Transfer money with mobile no., bank name; No IFSC, beneficiary details required

New IMPS rule likely from February 1, 2024: While sending money, the sender will now enter or select the receiver's mobile number and bank name from the list of the banks enabled on the flow, instead of entering the unique MMID, said Sanjeev Moghe, President and head — Of cards and Payments, at...

economictimes.indiatimes.com

This is a disaster.

While sending money, the sender will now enter or select the receiver's mobile number and bank name from the list of the banks enabled on the flow, instead of entering the unique MMID, said Sanjeev Moghe, President and head — Of cards and Payments, at Axis Bank.

"For multiple accounts linked against the mobile number, the beneficiary bank shall credit to the primary/default account. The primary/default account shall be identified using the customer's consent. In case, the customer consent is not provided, the bank shall decline the transaction."

As the new simplified IMPS now supports beneficiary name validation in the XML platform, the sender will be able to see the beneficiary’s name before authorising a transaction.

Source


Source


Source

 

[anmolbhard004]

wtf have they done?

 

[Skye]

So, now the scammers will always have your proper name? And can even tell about the banks you got accounts on. Nice ji.

 

[pachabhut]

they are only concerned about constructing mandir. for everything else, there is no proper application of mind.

 

[DewlanceHosting]

Before the implementation of this rule, any private bank allowed you to fetch payee details by simply entering the payee's mobile number, but the payee's account had to be with the same bank.

Similarly, in UPI, you just need to enter the mobile number of the payee, and it will show all the UPI IDs associated with that person.