The National Payments Corporation of India (NPCI) on October 31, 2023, issued a notification regarding the Enablement of Simplified IMPS (Mobile Number and Bank name-based transactions)/
Currently, IMPS processes transactions through P2A (Account + IFSC) or P2P (Mobile Number + MMID) transfer modes. With the migration of IMPS from ISO to XML, we have envisaged a convenient customer journey that shall be carried out using Mobile Number and Bank Name. "Mobile Number + Bank Name" based transactions shall be carried out on existing P2P railroad using the Mobile Number + default MMID combination.
Remitter banks are directed to maintain a mapping of Member Bank Names with default MMID (NBIN + 000) and undertake necessary UI/UX enhancements to facilitate beneficiary validation and financial transactions using Mobile Number Bank Name Banks shall also give an option to add a successfully validated mobile number and bank name combination as Payee/Beneficiary on Mobile Banking and Internet Banking channels. Remitter banks shall mandatorily provide a Beneficiary validation facility to customers before initiating a financial transaction.
Beneficiary Banks shall accept the Bank Name (default MMID) based transactions and validation requests and process payments to the Beneficiary account for the same, For multiple accounts linked against mobile number, the Beneficiary bank shall credit to the primary/default account. The primary/default account shall be identified using the customer's consent. In case customer consent is not provided, the bank shall decline the transaction.
All the Members are hereby requested to take note of the same and comply with initiating and accepting und transfer through Mobile number+ Bank name on all IMPS channels by January 31, 2024.
[Notification No. NPCIAMPS/OC No.119/2023-24]
