Bank of India launched Instant Money Transfer Scheme
Bank of India on 24 March 2014 launched Instant Money Transfer (IMT) scheme in Mumbai
Bank of India (BoI) on 24 March 2014 launched Instant Money Transfer (IMT) scheme in Mumbai. IMT scheme allows customers to withdraw cash without using either debt card or credit card at BoI's IMT-enabled ATMs. This is the first-of-its-kind initiative launched by a public sector bank.
Characteristic Features of IMT Scheme
• IMT is an innovative domestic money remittance facility.
• It allows the customer to send money to a receiver only by using the receiver’s mobile number through the bank’s ATM and retail internet banking facility.
• The receiver can withdraw money from a Bank of India’s ATM without using a card.
• The monthly withdrawal limit prescribed for IMT transaction is 25000 rupees for receiver, and per transaction limit of 10000 rupees.
• IMT is valid for 14 days only from the date of issue. After 14 days the transaction expires and the sender is credited back with the IMT amount.
• IMT can also be cancelled by the sender before its expiry and withdrawal.
Process of Transaction under IMT Scheme
• The sender initiates IMT by providing receiver’s mobile number, four digits sender code, the IMT amount and authorises the transaction from either bank’s ATM or bank’s internet banking.
• The sender provides receiver’s name, address and mobile number to the bank either on SMS or Internet banking.
• The receiver receives the notification of IMT on his mobile phone, along with a four-digit SMS Pin.
• The sender separately communicates the four-digit sender code to the receiver.
• The receiver, after getting these two pieces of information - one from the sender and the other on SMS, walks into the bank’s nearest IMT-enabled ATM and withdraws cash by punching in the mobile number, sender code, and SMS Pin.
The IMT scheme was launched following the RBI Governor Raghuram Rajan’s announcement made in February 2014 that RBI is currently working on a new system that will allow users to withdraw cash from ATMs even if the recipient doesn’t have a bank account. Through this service, RBI was looking to cater to the unbanked population in urban and rural areas.
Earlier in September 2010, Axis Bank launched a similar mobile-based bank-agnostic domestic remittances service for its India customers. Axis Bank had partnered with Empays Payment Systems to launch the service.
Chairman and Managing Director of Bank of India is V. R. Iyer.