New IMPS money transfer rules from next month: What you must know
Starting from 1 February, users can transfer money through IMPS by just adding the receiver's mobile number and bank account name, eliminating the need to add a beneficiary or IFSC code
The online mode has made money transfers from one bank to another hassle-free. With just a few clicks, and some details, and the job is done. Come 1 February, users will soon be able to transfer money through IMPS by just adding the receiver's mobile number and bank account name. According to the National Payments Corporation of India (NPCI), there is no need to add a beneficiary, and the IFSC code is also not needed.