Bank of India offers instant money transfer

First public sector bank to introduce this hi-tech money transfer facility

March 24, 2014 5:05 IST | India Infoline News Service

In a first-of-its-kind initiative by any public sector bank, Bank of India has announced the launch of IMT - Instant Money Transfer, which allows Cardless Cash Withdrawal at its IMT-enabled ATMs. IMT is an innovative domestic money remittance facility that allows the customer to send money to a receiver only by using the receiver's mobile number through Bank’s ATM and Retail Internet Banking facility. The receiver can withdraw money from a Bank of India ATM without using a card. The receiver receives partial details for cash withdrawal on his or her mobile phone and partial details by Customer.

Dr. Vaijayanta Anand, Director of Nirman NGO and Associate Professor at the college of social work, Nirmala Niketan, University of Mumbai, graced the momentous occasion.

Launching the IMT, Bank of India CMD Smt. V. R. Iyer said, “This IMT - Instant Money Transfer is in line with the RBIs expectation of expanding Financial Inclusion, wherein fund transfer can happen from bank account holders to those without accounts through ATMs.  We see this IMT facility as an opportunity to extend the services across bank’s branches, so that the IMT sent from the account holder of one Bank, can be withdrawn from other Bank ATM”.

Smt. Iyer further underlined, “The bank is first amongst the public sector banks to introduce such a facility for its customers. This facility can apart from financial inclusion, can be used for variety of purposes, like the receiver prefers cash on an emergency basis at a far distance area (with Bank’s ATM facility) and either do not have a bank account or is not carrying his/her card”.

The facility which is safe and secure, can be initiated by the Bank’s customer over Bank’s ATM and Retail Internet Banking.

The sender initiates IMT by providing receivers mobile number, four digits Sender Code and the IMT amount and authorizes the transaction from either Bank’s ATM or Bank’s Internet Banking. In line with the RBI guidelines, sender also provides beneficiary/ receiver name, address and mobile number to the Bank either on SMS or Internet Banking. The receiver/ beneficiary receive the notification of IMT on this mobile phone, along with a four digit SMS Pin. The sender separately communicates four digits Sender Code to the receiver/ beneficiary. The receiver/ beneficiary after receiving these two pieces of information – one from Sender and other on SMS, walks into the Bank’s nearest IMT enabled ATM provides his/ her mobile number, Sender Code, SMS Pin and IMT amount and gets the cash.

According to Regulatory Guidelines, the Monthly withdrawal limit prescribed for IMT transaction is Rs. 25,000.00 for receiver/ beneficiary and per transaction limit of Rs. 10,000.00.

IMT once issued is valid for limited period i.e. fourteen days, post which it expires and sender is credited back with the IMT amount. IMT once issued can also be cancelled by the sender before its expiry  and withdrawal.

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