The days of writing cheques were long past passe. Till recently, the easiest way to transfer money was through Internet or phone banking. The entire process took another step forward last week--now you can transfer money through your cellphone. The National Payments Cor- poration of India (NPCI) has launched an inter-bank mobile payment service (IMPS), which will enable savings account holders to transfer money to another account within the country using their cellphone.
Is it available to all? To avail the facility, it is man- datory that the bank in which you hold an account and the one in which the beneficiary has an account are linked to the IMPS. Currently, seven banks have gone live with the system-- State Bank of India, ICICI Bank Ltd, Union Bank of India, Bank of India, HDFC Bank Ltd, Axis Bank Ltd and Yes Bank Ltd. Seven more are in the process of going live and several others are in the preliminary phase.
Is it available to all? To avail the facility, it is man- datory that the bank in which you hold an account and the one in which the beneficiary has an account are linked to the IMPS. Currently, seven banks have gone live with the system-- State Bank of India, ICICI Bank Ltd, Union Bank of India, Bank of India, HDFC Bank Ltd, Axis Bank Ltd and Yes Bank Ltd. Seven more are in the process of going live and several others are in the preliminary phase.
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