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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 :22/10/2021

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 :22/10/2021

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 : 22/10/2021

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 :22/10/2021

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 : 22/10/2021

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 :22/10/2021

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 :22/10/2021

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हिंदी में पढ़े
Updated: 24-03-2021 07:30:46 AM

After the rise and popularity of ATMs (Automated Teller Machines), banks lowered their dependency on manual processes. Banks were now computerised and relied less on paperwork. The number of customers were also growing rapidly and banks were becoming more and more crowded. Limited availability of staff and restriction on funds transfer due to public holidays was another problem. In such situations, banks found a way to reduce the workload from day to day banking by enabling wired money transfers.

Wired money transfer or EFT (Electronic Fund Transfer) facilitates money transfer in real time. To avail this service, the customer must have certain facilities in his/her bank account such as mobile banking, internet banking, and debit/credit card. Not all of these additional services are required for an EFT but the customer should have at least one of them. There is a vast area to cover in the field of EFT but in this page, the focus will be on IMPS.

IMPS Means:

IMPS means Immediate Payment Service. This is another type of EFT that transfers funds in real time. Although there are other mediums of EFT available in the country right now such as NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement) but IMPS has become widely popular in a short span of time and especially among the younger population of the country.

This is because IMPS is a no-fuss service and does not require complete bank details of the beneficiary. The service runs through mobile banking facility provided by the bank and requires only the bank account registered mobile number and MMID of the beneficiary to receive funds. Another reason for IMPS being so popular is that it is available 24/7 and 365 days. This means you can send and receive money seamlessly regardless of bank holidays and public holidays.

The Advent of IMPS
How IMPS Functions?
Precautions While Using IMPS
Features of IMPS
Benefits of Using IMPS
Frequently Asked Questions

The Advent of IMPS

IMPS is built on existing NFS (National Financial Switch) system of the country and is maintained by NPCI (National Payments Corporation of India). IMPS started with a pilot from NPCI for mobile payment systems in 2010. The system initially included 4 banks viz. SBI Bank of India, Union Bank of India and ICICI. After successful analysis, IMPS was expanded and included other banks such as YES Bank, HDFC Bank and Axis Bank later the same year. The service was officially launched to the public on 22nd November 2010 and is currently successfully running with 53 commercial banks along with 101 rural, urban and cooperative banks in the country.

How IMPS Functions?

IMPS is already popular among most mobile phone users but it can also be used through the web. In addition, IMPS also facilitates UPI (Unified Payment Interface) payments.

Using IMPS through phone means, you must have mobile banking facility offered by the bank. This facility is usually free of cost and only a few banks charge a minimal annual fee. After that, you can download the mobile banking application of the respective bank. The last and most important thing you have to do is to generate a 7-digit MMID (Mobile Money Identifier) as you cannot transfer funds in any condition without this unique ID. This works as a virtual address for both sending and receiving funds.

How to Transfer Money Using IMPS:

Transferring funds using IMPS is easy. You have to open the IMPS fund transfer interface in the mobile app and choose the option of ‘send money.’ Then you have to enter the registered 10-digit mobile number of the user along with his/her MMID. You can ask the beneficiary to share their MMID. You can also choose to transfer money using bank account number, IFS code and name of the user if he/she does not have MMID. You just have to enter the amount you wish to transfer and confirm the process.

You should always check all the details twice or thrice before confirming the payment. This is because even a slight mistake can lead to a wrong money transfer. However, you need to know of the list of steps you should follow to use the IMPS interface in your mobile application.

  • Install the mobile banking application of the respective bank. For example – iMobile from ICICI.
  • 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 enter 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.

Precautions While Using IMPS

As mentioned, IMPS means Immediate Payment Service which translates into instant money transfer. Despite being the fastest medium of money transfer, IMPS is a form of wire transfer that uses the internet as a medium to transfer information. In such situations, you have to be careful and consider a number of factors while using IMPS. While using any type of wire transfers including IMPS users have to pay attention, as there are always chances of committing mistakes. Some of the important factors are mentioned here.

  • Double Check the Details: As per the RBI guidelines, the individual who is sending money has to take full responsibility in the case of a wrong transaction. If any of the details entered by the user does not exist then the amount will be refunded automatically. However, in the case of an unintentional transaction, the amount cannot be refunded without the consent of the beneficiary. 
  • Prefer the Short Method: Sending money through IMPS means using the mobile number and MMID, which is always safer. This is because a wrong mobile number or MMID will never match with each other and your transaction will fail automatically. On the other hand, using a wrong account number may lead to a false transaction as there may be individuals with similar names in the same branch. 
  • Read the Terms and Conditions in Advance: You should read all the terms and conditions in advance before using IMPS as there might be various factors that you do not know such as charges, transaction limit, etc. Knowing all the details will let you manage your fund transfer operations better. 
  • Online Frauds: Everything has its pros and cons and IMPS is not an exception. Do not fall for fishy online ads that try attract you to buy a product or avail a service and insist on paying up front. Many fraudsters and hackers use this tactic to con people. They even give their MMID and phone number which is issued against fake IDs and fake bank accounts. Always make sure that the website asking you to pay through IMPS is authentic and in the business for a considerable period of time. 

IMPS Limit and Charges:

Per day transaction limit and charges for IMPS is largely subject to the member banks. NPCI does not interfere directly in those aspects. The per day transaction limit and charges of some member banks are explained here.

BankPer Day Maximum Transaction LimitCharges
SBIRs. 2 lakhNIL
ICICI BankRs. 10,000 using mobile number and MMID and Rs. 2 lakh using account number and IFS codeUp to Rs. 10,000 – Rs. 5 + GST

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

From Rs. 1 lakh to Rs. 2 lakh – Rs. 15 + GST

Features of IMPS

Despite being a fund transfer service, IMPS contains some other important features as well. Such features make it a favourite for all. Some of those features are explained here.

  • Real-Time Fund Transfer: As the name IMPS means Immediate Payment Service, it transfers funds in real-time. This is completely opposite to NEFT that performs remittances in batches. Fund transfer through NEFT is done within a specific time slot each day and it does not work in real-time. On the contrary, money transfer through IMPS is done instantly. In the case of server downtime or any technical problem, the transaction does not take more than an hour to complete. 
  • Always Available: Whether it is midnight or early in the morning, your funds will be transferred immediately through IMPS. You do not have to remember bank timings or holidays as well. This is among the highly significant features of IMPS as it empowers the account holder to access and use his/her own money anytime and from anywhere. 
  • Multi-Platform Support: IMPS supports both mobile and internet platforms. You can choose to use any of them as per your convenience. However, use of IMPS through web requires bank details of the beneficiary such as account number, IFS code, name, mobile number, etc. 
  • Confirmations: You will receive confirmation messages both from the bank and the application as soon as the amount is debited from your account and credited to the beneficiary’s account. Both sender and receiver receive confirmations which eliminate the scope for confusion or miscommunication. This way both the parties are fully aware of the actual situations. 
  • Safe and Secure: IMPS allows you to perform financial transaction in your private space. You use mobile phone or your PC for the purpose and this creates a safer environment than a bank where so many people can easily view your bank details while you are filling up the depositing slip. In the same way, the data travelling through the internet is protected through encryption and firewalled servers that protect your vital bank information. Such features make IMPS a safer medium of fund transfer than any other.

Benefits of Using IMPS

  • Versatile: IMPS is a versatile payment service. It offers more than just money transfer which is a P2P (Person to Person) fund transfer medium. IMPS allows you to make P2M (Person to Merchant) payments as well. You can use IMPS to make payments for online shopping, paying school/college fee, utility bills, insurance premium payments, OTC payments, ticketing, etc. 
  • Easy to Use: Using IMPS is quite easy. The mobile application of your bank works similar to any other mobile app. You just have to enter the right details and you are good to go. Entering minimal details such as mobile number and MMID is all you have to do to send money. 
  • No Requirement for Confidential Details: IMPS fund transfer through mobile does not require any confidential details such as bank account number, IFS code, etc. from both parties. This makes the whole process a lot safer as no one can misuse the information. 
  • Cost-Effective: IMPS is an inexpensive mode of fund transfer. Other fund transfer mediums such as NEFT and RTGS charge significantly higher than IMPS. The maximum fee for fund transfer in IMPS does not go beyond Rs. 25 + GST which is fairly low for a medium which transfers money in real time.

Frequently Asked Questions

People are always cautious about online money transfers and they have so many questions in their minds. Some of those frequently asked questions are answered here.

Q. Is there any monitoring authority for checking the per day transaction limit of every customer?

A. No, monitoring each and every customer’s per day transaction limit is an intensive task and it is not possible either through manual or automatic oversight. Such information is embedded in bank servers and in the mobile application of the respective banks. You will not be able to make any transaction as soon as you reach your daily limit.

 Q. Is it compulsory to register for mobile banking to use IMPS?

A. No, it’s not. It is essential to register for mobile banking if you are using a mobile phone for fund transfer. Customers can access IMPS from their bank branch, ATM and internet banking. 

Q. Is there any feature to stop payment on IMPS?

A. No, IMPS is an instant payment service which transfers funds as soon as you confirm the payment. It cannot be stopped once initiated.

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