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I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :20/01/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CIBIL TERMS AND
CONDITIONS

To,
TransUnion CIBIL Limited
[Formerly known as Credit Information Bureau (India) Limited]
One Indiabulls building ,Unit No 1901 – 1905,
19th Floor, Tower 2A-2B, Jupiter Mill compound,
Senapati Bapat Marg, Lower Parel, Mumbai 400 013

Sub: Grant of Consent

Dear Sirs,

In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Paisabazaar (referred to as the “Company”) and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:

A. The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.

B. I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.

C. I hereby expressly grant unconditional consent to, and direct, TUCL to deliver and / or transfer my Consumer Credit Information to the Company on my behalf.

D. I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer Credit Information to the Company ; (b) any use, modification or disclosure by the Company of the contents, in whole or in part, of my Consumer Credit Information , whether authorized or not; (c) any breach of confidentiality or privacy in relation to delivery of my Consumer Credit Information to the Company ; (d) for any use made by the Company which is contrary to the Agreement entered into between the Company and TUCL

E. I acknowledge and accept that: (a) TUCL has not made any promises or representations to me in order to induce me to provide my Consumer Credit Information or seek any consent or authorization in this regard; and (b) the implementation of the Agreement between TUCL and the Company is solely the responsibility of the Company.

F. I agree that I may be required to record my consent / provide instructions electronically and in all such cases I understand that by clicking on the "I Accept" button below, I am providing "written instructions" to Paisabazaar authorizing Paisabazaar to obtain my Consumer Credit Information from my personal credit profile from TransUnion CIBIL LIMITED, [formerly known as Credit Information Bureau (India) Limited]]. I further authorize Paisabazaar to obtain such information solely to confirm my identity and display my Consumer Credit Information to me. Further in all such cases “By checking this box and clicking on the ‘Authorize button, I agree to the terms and conditions, acknowledge receipt of TUCL privacy policy and agree to its terms, and confirm my authorization for Paisabazaar to obtain my Consumer Credit Information.

G. I understand that in order to deliver the product to me, I hereby authorize Paisabazaar, to obtain my Consumer Credit Information from TUCL.

H. By submitting this registration form, I understand that I am providing an express adhoc one-time written instructions for Paisabazaar to request and receive information about me from third parties, including but not limited to a copy of my consumer credit report and score from consumer reporting agencies, at any time for so long as I have an active Paisabazaar account. I further authorize Paisabazaar to retain a copy of my information for use in accordance with the terms of use of this service, Paisabazaar’s Terms of Use and Privacy Policy.

I. I UNDERSTAND THAT THE PRODUCT IS PROVIDED ON AN “AS-IS”, “AS AVAILABLE” BASIS AND TUCL EXPRESSLY DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

J. I shall not sue or otherwise make or present any demand or claim, and I irrevocably, unconditionally and entirely release, waive and forever discharge TUCL , its officers, directors, employees, agents, licensees, affiliates, successors and assigns, jointly and individually (hereinafter “Releasee”), from any and all manner of liabilities, claims, demands, losses, claims, suits, costs and expenses (including court costs and reasonable attorney fees) (“Losses”), whatsoever, in law or equity, whether known or unknown, which I ever had, now have, or in the future may have against the Releasee with respect to the submission of my Consumer Credit Information and / or my decision to provide TUCL L with the authority to deliver my Consumer Credit Information to the Company . I agree to defend, indemnify, and hold harmless the Releasee from and against any and all Losses resulting from claims made against TUCL L by third parties arising from and in connection with this letter.

K. I agree that the terms of this confirmation letter shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person without taking my prior written consent.

Yours faithfully,
Name :

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :20/01/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EQUIFAX TERMS AND
CONDITIONS

I Mr./Ms. -------------------- ---------------------residing at ------------------------ ---------------------------------------- do hereby authorise Paisabazaar Team ,to do all acts on my behalf as may be necessary including to execute/sign application(s), make payment of applicable fees* and generally to all other acts as may be necessary to receive, on my behalf and at my request, my Credit Information Report (CIR) from Equifax Credit Information Services Private Limited("Equifax") at the following address/email id:

I hereby confirm that all the powers hereby conferred may be exercised by officer(s) or manager(s) / agent(s) / employees of the Paisabazaar who is duly authorized by the Paisabazaar.

I hereby confirm, agree, undertake and accept that I shall at all times be solely responsible for all the above actions and omissions of the Paisabazaar shall be binding on me as though such actions had been carried out by me directly. I further confirm that my CIR shall be used only for the purpose as mentioned in the attached standard terms and conditions and I shall be solely liable for, and indemnify and hold harmless Equifax for and against, any and all third party claims or damages or proceedings of any kind, arising from or in connection with (a) any misrepresentations, incorrect information or omission of any critical information in my application, or (b) furnishing my CIR based on this authorization letter, and shall not at any time hold Equifax or its affiliates and their respective officers, directors, employees or representatives liable in this respect.

I hereby also confirm that I have only appointed Paisabazaar to be my authorized agent/representative for collection of my CIR.

I undertake to keep Equifax intimated and informed at all times, of any renewals or termination of the authorization to Paisabazaar or any amendments, modifications or changes in the terms governing the obligations or my relationship with Paisabazaar.

I shall at all times co-operate with Equifax and execute and deliver to Equifax such instruments and documents and take such other actions as may be required by Equifax from time to time in connection with this authority letter.

By signing on this authorization letter, I hereby acknowledge and accept the Standard Terms and Conditions mentioned above.

Date : 20/01/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :20/01/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EXPERIAN TERMS AND
CONDITIONS

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM EXPERIAN.

YOU HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY EXPERIAN TO YOU AND PAISABAZAAR AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU HEREBY ALSO AGREE AND ACKNOWLEDGE THAT FOR PAISABAZAAR TO SERVICE YOU AS A CUSTOMER, THE CREDIT INFORMATION SHALL BE SHARED BY EXPERIAN WITH YOU AND PAISABAZAAR ON A MONTHLY BASIS. YOU FURTHER ALSO AGREE AND CONSENT TO RECEIVE SUCH CREDIT INFORMATION DIRECTLY FROM EXPERIAN AND ALSO THROUGH YOUR PAISABAZAAR ACCOUNT AS PER YOUR INDEPENDENT REGISTRATION WITH PAISABAZAAR.

Please read the Terms and Conditions of this document carefully before accepting. By clicking on the "I ACCEPT" button below, you are expressly agreeing to access the Experian Credit Information Report and Credit Score (as defined in the Important Information Section below) (together referred as "Credit Information") and share a copy of the Credit Information with Paisabazaar in the "as is" format. Please click on the link below to read and understand the Important Information section below.

** This document is an electronic record in terms of the Information Technology Act, 2000 and Rules made there under, and the amended provisions pertaining to electronic records.

Information Collection, Use, Confidentiality, No-Disclosure and Data Purging

PAISABAZAAR/ We/ Us can only access your Credit Information as your authorized representative and we shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from us on the Website. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

We shall protect and keep confidential the Credit information both online and offline and use best in class security measures in line with applicable laws. The Credit Information shared by You, or received on your behalf shall be destroyed, purged, erased promptly upon the earlier of: (i) your written request to terminate this relationship with Paisabazaar (ii) the completion of provision of the Services by us to you.

Governing Law and Jurisdiction The relationship between you and the Parties shall be governed by laws of India and all claims or disputes arising there from shall be subject to the exclusive jurisdiction of the courts of [Mumbai].

Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
"Credit Information Report" means the credit information / scores / aggregates / variables or reports which shall be generated by Experian;
"Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian.
"CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
PLEASE READ THE ABOVE MENTIONED IMPORTANT INFORMATION AND CLICK ON "ACCEPT" FOLLOWED BY THE LINK BELOW TO COMPLETE THE AUTHORISATION PROCESS FOR SHARING OF YOUR CREDIT INFORMATION BY EXPERIAN WITH YOU AND PAISABAZAAR, IN ITS CAPACITY AS YOUR AUTHORISED REPRESENTATIVE.
BY CLICKING "ACCEPT" YOU AGREE AND ACCEPT THE DISCLAIMERS AND TERMS AND CONDITIONS SET OUT HEREIN. THE TERMS AND CONDITIONS MENTIONED HEREIN MAY CHANGE IN ORDER TO COMPLY WITH GOVERNING LAWS OF THE COUNTRY AND THE CONSUMER SHALL BE BOUND TO ANY CHANGES TO THIS AGREEMENT

Name :
Date : 20/01/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :20/01/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CRIF HIGH MARK TERMS
AND CONDITIONS

This End User Agreement (the "Agreement") is made between you (the "User" or "You") and Paisabazaar Marketing and Consulting Pvt Ltd ("PaisaBazaar"), a private limited company having its registered office at Plot No 119, Sector-44, Gurgaon-122001, Haryana ("PAISABAZAAR", "Us" or "We", which term shall include its successors and permitted assigns). The User and PAISABAZAAR shall be collectively referred to as the "Parties" and individually as a "Party".

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM CRIF HIGH MARK. BY EXECUTING THIS AGREEMENT / CONSENT FORM, YOU ARE EXPRESSLY AGREEING TO ACCESS THE CRIF HIGH MARK CREDIT INFORMATION REPORT AND CREDIT SCORE, AGGREGATE SCORES, INFERENCES, REFERENCES AND DETAILS (AS DEFINED BELOW)(TOGETHER REFERRED AS "CREDIT INFORMATION"). YOU HEREBY ALSO IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY CRIF HIGH MARK TO YOU AND PAISABAZAAR BY USING CRIF HIGH MARK TOOLS, ALGORITHMS AND DEVICES AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU ALSO ACKNOWLEDGE THAT YOU SHALL NOT RAISE ANY CLAIM OR HOLD LIABLE CRIF HIGH MARK CREDIT INFORMATION SERVICES PRIVATE LIMITED IN RELATION TO YOUR CREDIT INFORMATION REPORT AND CREDIT SCORE PROVIDED OR TO BE PROVIDED BY CRIF HIGH MARK TO PAISABAZAAR.

Terms and Conditions: Information Collection, Use, Confidentiality, No-Disclosure and Data Purging PAISABAZAAR shall access your Credit Information as your authorized representative and PAISABAZAAR shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from PAISABAZAAR. PAISABAZAAR shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

The Parties agree to protect and keep confidential the Credit Information both online and offline. The Credit Information shared by you, or received on by us on your behalf shall be destroyed, purged, erased promptly upon request from the consumer or the consumer withdrawing the consent to retain such credit information / reports by deleting/deactivating the consumers account with Paisabazaar.

Governing Law and Jurisdiction Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
" Business Day" means a day (other than a public holiday) on which banks are open for general business in Gurgaon and Mumbai.
" Credit Information Report" means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by CRIF High Mark;
" Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by CRIF High Mark.
" CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
IN CASE THERE IS ANY DISCREPANCY OR INABILITY IN COMPLETION OF ONLINE AUTHENTICATION, PLEASE SUBMIT YOUR SELF ATTESTED KYC DOCUMENTATION IN SCANNED COPIES FOR SHARING OF YOUR CREDIT INFORMATION BY CRIF HIGH MARK WITH YOU AND PAISABAZAAR (YOUR AUTHORISED REPRESENTATIVE).
ONLINE SUBMISSION - DOES NOT REQUIRE SIGNATURE AND EXECUTION"

Name :
Date :20/01/2020

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Updated: 15-01-2020 07:35:01 AM

IMPS:

IMPS is an instant money transfer service facilitated by NPCI (National Payment Corporation of India). Full form of IMPS is Immediate Payment Service that allows people to send and receive funds in real-time. The service facilitates inter-bank transactions through mobile banking and Internet banking. This has become a highly preferred mode for transferring funds for a large population of the country and especially youngsters. The major reason behind it is that IMPS is available 24/7, 365 days which makes it highly flexible and dependable.

Unlike banks that are closed on public holidays and gazetted holidays, IMPS is always available. This means that you can be assured even if it takes some time to transfer funds due to server downtime or some technical issues, the funds you have transferred will reach the destination same day.

Features of IMPS:

Being one of the most preferred mediums of fund transfer in the country, IMPS is loaded with certain features. The features of IMPS are as follows:

  • Flexible: IMPS is highly flexible in nature in various aspects. Some of such aspects include: Availability: IMPS is available 24/7, 365 days meaning that it can be used anytime and from anywhere. You do not have to go to bank and wait in long queues to deposit or transfer money. Anytime availability of IMPS is its unique selling point and a major reason for being popular among the new generation.
    Multi-Platform Support: Although IMPS is typically designed for mobile banking, it supports other platforms such as web. Fund transfer through IMPS can also be done through online banking. However, you will require bank account details of the beneficiary such as account number, IFSC code, etc.
    Versatile: IMPS is versatile as it can be used for several other purposes rather than just sending and receiving money. The payments can be classified as P2P and P2M payments. Both P2P and P2M modes can be used for making payments for online shopping, online merchant payments, insurance premium payment, OTC payments, fees payment to schools and colleges, utility bill payments, and travel and ticketing. 
  • Easy to use: As compared to other modes of funds transfer, IMPS is quite easy to use. You would only require the mobile number (linked to the bank account) and unique MMID of the receiver to transfer the money. Such little information requirements make IMPS an easy to use payment medium. 
  • Fast Money Transfer: As the name suggests, IMPS is an instant money transfer medium which facilitates funds transfer in real time. Even in the situation of issues such as server downtime or any technical problems, IMPS does not take more than an hour to transfer money in the bank account of the receiver. 
  • A Secure Medium: Despite using the internet as a fund transfer medium, IMPS is one of the safest mediums of fund transfer. Bank servers are fairly protected through firewalls whereas the data travelling on the web is encrypted which is almost impossible to crack. However, there is no safety net for human errors. Terms and conditions of IMPS clearly state that if the user makes any error while transferring the funds such as putting in the wrong mobile number or the wrong MMID then he / she has to bear the full responsibility of their actions. 
  • Mobile Alerts: IMPS utilises the mobile banking in its full capacity. As soon as you transfer fund to the receiver, both sender and receiver receive text messages from the bank as alerts from the app. This comes as a relief for both parties as they are aware of the true state of the transaction.
Benefits of IMPS
IMPS Eligibility
How IMPS Works
How to Use IMPS
Factors to Consider While Using IMPS
Frequently Asked Questions (FAQs)
Benefits of IMPS

Instant money transfer services such as IMPS come with certain benefits as well. The benefits are:

  • Accessibility: People carry their mobile phones everywhere. This is a phenomenon which has become a part of our lives now. And being a mobile friendly service the accessibility to IMPS is enhanced. If you are carrying your mobile phone then you can use IMPS anytime and from anywhere. 
  • Always Available: Anytime availability is the biggest advantage of IMPS. For instance, parents often send money to their kids who are studying outstation but they face problems whenever they have to wait in long queues of banks or there are public holidays. In such situations, payment mediums such as IMPS come in handy as they are able to transfer money even on bank holidays and public holidays and at any time of the day. 
  • Instant Funds Transfer: There are times when you have to send money immediately to a client or to a family member. Here, even if you transfer money through NEFT or RTGS, you cannot accept the funds to be received in less than 2 hours or so. On the other hand, IMPS transfers money instantly to the beneficiary’s bank account. Even in the case of a technical issue the money will be sent within an hour. 
  • Does not Require Confidential Details: IMPS transaction performed through mobile banking does not require any confidential information about the beneficiary such as the account number and IFS code. It only requires mobile number and MMID of the beneficiary. However, IMPS fund transfer through internet requires complete bank details of the beneficiary. In such situations, the beneficiary has to have faith in you so that he/she can share the details. 
  • Inexpensive: Except UPI, no other fund transfer medium is as economic as IMPS. IMPS charges for fund transfer goes from a minimum of Rs. 2.50 to a maximum of Rs. 25. Though the charges for NEFT are similar but it does not transfer funds in real-time, giving IMPS a definite advantage. Here is a list of IMPS charges. 

Transfer Amount

Charges (Subject to Change According to Banks)

Up to Rs. 10,000

Rs. 2.50 + Applicable GST
From Rs. 10,000 to Rs. 1 lakh

Rs. 5 + Applicable GST

From Rs. 1 lakh to Rs. 2 lakh

Rs. 15 + Applicable GST
Rs. 2 lakh and Above

Rs. 25 + Applicable GST or No Charge

 *IMPS charges are subject to bank’s policies and they vary accordingly. Some banks do not levy any charges on transactions above Rs. 2 lakh through IMPS.

IMPS Eligibility

Being a service integrated to mobile banking, IMPS requires a person to have bank accounts with mobile banking enabled. Even if you are transferring money through IMPS using the internet, you need to have the MMIDs of both the parties. This makes it mandatory to have a functioning bank account.

Having said that, banks are also required to fulfil an eligibility criterion to facilitate IMPS. As per the RBI regulations, only the banks that offer mobile banking facility approved by RBI can participate in IMPS. 

IMPS Charges: IMPS charges are largely subject to the amount which is being transferred along with the bank’s policies. However, the regular IMPS charges range from Rs. 2.50 to Rs. 25 for amounts of Rs. 10,000 to Rs. 2 lakh. IMPS charges for some prominent banks of the country are given here.

ICICI Bank IMPS Charges: 

Transfer Amount

Charges (Subject to Change According to Banks)

Up to Rs. 10,000

Rs. 5 + Applicable GST
From Rs. 10,000 to Rs. 1 lakh

Rs. 5 + Applicable GST

From Rs. 1 lakh to Rs. 2 lakh

Rs. 15 + Applicable GST

 PNB (Punjab National Bank) IMPS Charges: IMPS charges for PNB customers are among the lowest as PNB charges only Rs. 5 for transactions up to Rs. 1 lakh. 

SBI IMPS Charges: 

Transfer Amount

Charges (Subject to Change According to Banks)
Up to Rs. 1,000

No charges

From Rs. 1,001 to Rs. 1 lakh

Rs. 5 + Applicable GST
From Rs. 1 lakh to Rs. 2 lakh

Rs. 15 + Applicable GST

How IMPS Works

IMPS is primarily designed to be used on mobile phones. The user only requires a GSM enabled phone with a data pack to use IMPS. Customers need to have mobile banking activated in their bank accounts. IMPS can also be used through internet banking using the bank details of the beneficiary. To transfer money through IMPS from the internet, customers require the internet banking facility in their account.

To transfer funds through IMPS on mobile platform, you need to download the mobile banking application of the respective bank and generate the 7-digit MMID (Mobile Money Identifier). This is unique ID and without it you cannot avail the service. To transfer money into someone’s bank account, you require the beneficiary’s MMID and their registered mobile number.

Most users prefer to send money through IMPS using them mobile platform as it does not require entering complicated bank details. The limit for transferring funds through IMPS usually goes from a Rs. 10,000 to Rs. 2 lakh. This limit depends on the respective bank’s policy.

How to Use IMPS

Using IMPS is relatively simple than most mediums of money transfer but users need to know a few steps so that they do not face any issues while transferring money.

  • Install the mobile banking application of the respective bank. For example – SBI Anywhere.
  • Log in using the User ID and Password provided by the bank. The app will automatically fetch your bank details as soon as you log in.
  • Go to the IMPS option in the app and follow the prompt to generate your unique MMID.
  • You are all set to use IMPS as soon as your MMID is generated.
  • Now to transfer funds, your first step should be to ask for the MMID of the receiver. Without it you cannot transfer the funds.
  • Then you have to enter the required details such as name of the beneficiary, registered mobile number of the beneficiary, beneficiary MMID, and the amount to be transferred.
  • After entering details, you should double check the details and confirm the transaction.
Factors to Consider While Using IMPS

IMPS is one of the easiest and fastest modes of money transfer but a slight mistake can lead to loss of funds. Here is a list of a few factors to consider while transferring funds through IMPS.

  • IMPS requires mobile banking for transferring funds. Even if you are transferring funds through IMPS using the web, you need to have the MMID of both parties and it cannot be generated without mobile banking.
  • IMPS through the web is complicated. This is because the users are required to enter information such as bank details, IFS code, mobile number of the receiver, name of the receiver, and MMID. Entering too many details can lead to mistakes and while transferring funds even the slightest mistake can cause severe financial damage.
  • As per RBI regulations, the users must check the details twice or thrice before confirming the payment through UPI or IMPS. This is because the money transferred to a wrong bank account can only be returned with the consent of the beneficiary.
  • In any case, IMPS requires an internet connection either on mobile phone or on your computer to transfer funds.
Frequently Asked Questions (FAQs)

Customers always have so many questions about banking services such as IMPS and this is why some of the frequently asked questions are answered here.

Q. Who monitors the limits of the transferred amount of each bank account in IMPS transactions?

A. Monitoring of the transfer limit of the accounts is not a manual work. Such limitations are embedded in bank servers and software that automatically deny the transaction when the transactions reach a certain limit.

Q. Can a bank raise dispute for an IMPS transaction?

A. Yes, the participating banks can raise a dispute between each other if there is any related to the clearance. NPCI has designed a Dispute Management System which is similar to NFS for resolving disputes between banks.

Q. Is there any transaction limit for the participating banks regarding IMPS?

A. The participating banks also have to follow the transaction limit regarding IMPS which is NDC (Net Debit Cap). NDC is calculated by NPCI and it indicates that the net total inward and outward of the day will count in NDC. This is the maximum daily debit allowed by RBI for any Indian bank. The maximum allowable debit is determined by the total contribution of the participating bank to SGF (Settlement Guarantee Fund).

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