NPCI Immediate Payment Service(IMPS) transactions zoom to 10 crores per month by November 2016

#IMPS,

              51 Banks, 50 RRBs/DCBs/UCBs and 13 PPIs have opened their transaction channel on NPCI_IMPS Remittance service to encourage Indians to transfer their money at the ‘Speed of Light’.

              NPCI_IMPS remittance service works round the clock, all the 365 days a year, and never goes to sleep.

              During December 2015, Indians have moved INR15,910 crores through NPCI_IMPS digital channel via 2.42 crore transactions.

              During this calendar year, transactions are expected to cross 10 crores by November 2016.

              Unbelievable!! Check the above table

              11 indicators to zoom up volumes 14% month on month

01)   Consecutive banks holidays on 2^nd and 4^th Saturdays and all Sundays.

02)   Banks opening up NPCI_IMPS channel through bank branches mode.

03)   Increase in the threshold limit from INR2lacs to INR5lacs.

04)   Separate transaction advice for faster reconciliation both at sender and receiver end.

05)   Government Departments signing up to remit Government payments through NPCI_IMPS channel.

06)   Cross border remittance companies moving all their transactions to the NPCI_IMPS channel.

07)   168 Banks including Public/Private/RRB/DCB/UCB are on NEFT platform. This means the respective banks have an IFS Code to participate in Electronic Transactions Channel. This in turns means another 67 banks can join the NPCI_IMPS channel in the near future.

08)   Reserve Bank of India has authorised 40+ Prepaid Paid Instruments issuers. Out of this, only 13 have joined NPCI_IMPS. This means the remaining 27+ PPIs can join NPCI_IMPS channel in the near future.

09)   WLA players have set up over 11,000 ATMs all over India. These ATMs can be enabled for NPCI_IMPS transactions.

10)   Top 5 eCommerce companies shifting their refunds to NPCI_IMPS channel.

11)   Transport companies adopting NPCI_IMPS channels to transfer benefits to their associates.

What will you do to promote NPCI_IMPS?

NPCI_IMPS Twitter Page

NPCI_IMPS Facebook Page

The NPCI_IMPS FAQ page has all the details to assist in Safe IMPS transactions.

Zero 2 Hundred-NPCIs Instant Payment Service trajectory in India

          A major milestone in India’s eTransactions journey was crossed in July 2015 with the total number of banks at 100 on NPCIs IMPS channel.

          Yes, as on date 100 banks are part of this 100% ‘Made In India’, eTransactions mode.

          The benefits of IMPS are being enjoyed by a large populace spread across the nook and corner of our country.

          The chief advantage of IMPS is that transactions can happen around the clock, irrespective of holidays, with nil dependence on bank staff.

          The initial transactions will be a bit strange, as the funds move at the speed of light at any point of time.

          There are number of channels through which the bank customers can choose to transact through the IMPS mode.

          There are a number of products which can be tailored by Finance Industry participants to enhance the customer experience.

          The technology is robust enough to support extremely high volumes at all times.

          Banks and PPIs are constantly innovating to expand the user base.

          Only a fraction of the target populace has been touched by IMPS and in the coming years, IMPS will embrace new group of people into its fold.

         

NPCI partners with Indusind Bank and Western Union for International funds transfer

                        Majority of Western Unions SEND customers to India reside in U.S., U.K., France, Germany and Australia.

 The major options for Western Union RECEIVE customers are a) across the counter at a Western Union Agent Location or b) Bank account credit.

For Bank account credit, Western Union piggybacked on the NEFT platform. However, NEFT has its own limitations as compared to IMPS.

Way back in September 2013, Western Union innovation team closely looked at NPCIs’ Immediate Payment Service (IMPS) to enhance its customer’s experience.

Due to the time difference between India and other countries there was a lag between the SEND time and the RECEIPT time, even when the RECEIVE option was a Bank Account.

NPCI’s IMPS with its feature of instant money transfer was a very attractive proposition. Reserve Bank of India recently approved IMPS to facilitate cross-border money transfer within minutes to select banks.

This led to Western Union to offer funds transfer through NPCIs’ IMPS to its SEND customers. The service has been launched in collaboration with IndusInd Bank.

The process flow is as under

01) The SENDER opts to transfer through cash and debit cards at participating Agent locations, or debit and credit cards at www.westernunion.com.com at this time.

02)The funds move to the Western Union settlement account at Indusind Bank.

03)Finally through NPCIs IMPS channel the RECEIVER the funds in his/her bank account.

Benefits of this Channel:-

01) 24*7 service

02)Facility available on Holidays too

03)Quick reversal of funds in case of invalid account number or any other reasons if credit is not possible

Link 1, Link 2

Boom time for NPCIs’-IMPS – 02 Oct 2014 & 03 Oct 14 NEFT/RTGS closed

          

  The IMPS (Instant Payment Service) funds transfer service works 24*7,365days a year, with no respect to holidays.

            The end-to-end transaction is fully automated, with minimal human intervention required.

            Customers of 67 banks in India can transfer instantly any time of day or night through the IMPS mode

            In addition to the 67 banks, 3 cooperative banks are on IMPS network

            The conventional electronic transfer channels i.e NEFT/RTGS/Clearing Grid are closed on 02 Oct 2014 & 03 Oct 14. Physical bank branches thought India are closed.

            Net banking will function, however as NEFT/RTGS are closed, the funds transfer through this mode will not work.

            The only electronic funds transfer which will work on 02 Oct 2014 & 03 Oct 14 is IMPS. Nothing more, Nothing less.  

            Be 100% sure of the beneficiaries’ bank account number, IFS Code before initiating the IMPS transaction. There is a very remote chance of funds callback

Gayatri Co-operative Urban Bank (Karimnagar) joins IMPS

      

      The Gayatri Cooperative Urban Bank with its Head Office in Jagtial-Karimanagar has joined the IMPS (Instant Payment Channel)  ePayments channel.

            The bank has branches at "Jammikunta", "Korutla", "Vemulawada" & Karimnagar", "Mancherial" "Nizamabad" and "Metpally"

            The Bank also provides ATM services and Debit Card services through RuPay Debit Card.

            Vemulwada is best known for  Sri Raja Rajeshwara Swamy Temple complex.

Jammikunta name is derived from the word "Dammekunte", a combination of Sanskrit and kannada word.  "Damme"(Sanskrit word) means Lotus and "kunte" (Kannada word) means pond. Hence the very name of the village meaning is Lotus Pond.

Jagtial town is famous for its fort. The fort was constructed with the help of two French Engineers, namely Mr.Jack & Mr.Tal, so the name of the town  at that time was JACKTAL and gradually it became Jagtial and in Telugu language they write it Jagityala.

Indusind live on IMPS-ATM sub product

            Indusind Bank has tapped one more eTransactions opportunity, to increase the footfalls at its ATMs.

            It has gone live on (Immediate Payment Service) IMPS-ATM sub product. This means Indusind Bank customers can access the IMPS facility through the bank’s ATMs.  

            Once Indusind bank starts advertising the same, across various media channels, the transactions volumes will increase.

            One recent product which Indusind Bank has launched is the ‘Super Savers Pack’, for its saving bank customers.

Punjab national bank has gone live on imps using account no and ifs Code

          The link to Business Responsibility Report on the banks website makes for an interesting read.  I am not sure, what motivated PNB to publish this report. It would be great, if all Banks publish similar reports on a yearly basis.

          Another only one of its kind initiative by PNB has the foresight to nurture PNBIIT (Punjab National Bank institute of information technology), a premier institute of information technology in the area of banking, finance and insurance.

          Through its ADBT Program, has created a pool of competent techno-bankers for Banking & IT Sector by imparting in-depth knowledge and expertise to the students.

          One important announcement on PNB’s website is a notice on charges for SMS Alerts.

The charges will commence for transactions w.e.f.01.07.2013 and the charges are Rs15/- per quarter

 However, following categories of accounts have been exempted for SMS Alerts charges:

1 Senior Citizen accounts

2 Staff accounts

3 Retired staff accounts

4 Vidyarthi accounts

5 Mitra accounts

Kotak mahindra bank has gone live on imps using account no and ifs Code

            One unique feature of Kotak Mahindra Bank, is that it does not have an independent internet site. Rather, Kotak Mahindra Bank website is a part of Kotak.com

The dedicated internet page tells us more about Kotak Bank’s IMPS offering.  

The special offers internet page is a very useful tool for Kotaks’ customers to enjoy the best of Kotaks’ offers on its debit cards, credit cards and netc@rd. Netc@rd  is a single use limited validity online card created by Kotak customer, from his/her  bank account, at the time of online shopping and cannot be used after your first payment.

Ah, you might be interested in Subbus’ tv advertisements, on the theme, ‘lets money simple’. View them to lift your blues.

Bank of india has gone live on imps using account no and ifs Code

  

            Bank of India was one of the founder members of IMPS in November, 2010. In June, 2013, it has decided to go live on IMPS – IFS Code sub-product too.

            With this new payment channel, Bank of India customers can expect to receive funds in their accounts in real time.

            Of course, it would be advantageous for Bank of India, if debit does not happen immediately in the respective accounts.

For any General Query on IMPS, after BOI customers’ can call on our call center no. 022-40919191

            A major announcement on Bank of India is with reference to blocking of International Card transactions for a temporary period. The blockage was due to some fraudulent transactions reported on the international internet sites.

            Another interesting tidbit, is that there is a whole section devoted to BOI alumni. WOW. This is first time, I am seeing an alumni association of a Bank.

            As BOYD is the norm now-a-days, BOI Safe is mandatory, for all BOI staff,  to access bank applications on a Smart Mobile Device

Immediate payment service

Immediate Payment Service (IMPS) – 3 banks offer Sub-Product

          In the 2^nd week of May 2013, 3 Banks viz Vijaya Bank, Axis Bank and Dena Bank have offered the IMPS sub-product i.e IMPS using Account No and IFS Code.

          A quick launch by IMPS member banks of all the IMPS sub-products would enable their customers to try out a sample IMPS transaction. Based on the sample, the bank customers would be more than willing to continue with IMPS transactions.

          The quick adoption by the bank customers would depend on the publicity efforts made by the Banks to popularize the IMPS. Mouth-of-word advertising helps but as of now, it is not that much effective.

          As of now, the concentration of the Banks and NPCI is to ensure that all the banks have all the IMPS sub-products in their portfolio. Once the systems and process stabilize, a publicity campaign might be in order.   

Mehsana Urban Co operative Bank joins IMPS

            Immediate Payment Service (IMPS) welcomed Mehsana Urban Co-operative Bank into its fold on March 21, 2013

The bank was established on 23rd October, 1983, registered under Co Operative Society Act, 1961. The Bank started with one branch at Mehsana and today it has 25 branches plus one extension counter.  The Bank was given status of Scheduled Bank by Reserve Bank of India in the year 2000.

At present The Bank is providing better customer service through its 25 & one extension counters at Ganpat University, Kherva and Branches at various centers in the state of Gujarat.

IMPS will increase the reach of the bank customers, and sitting in their homes, they can receive and send funds to their loved ones all over India.

            The Service Area Plan of Mehsana district can be viewed here.

            Mehsaji Chavda, a Rajput and a heir of Chawda dynasty, established Mehsana. Gaekwads conquered Vadodara and established Patan as the administrative head quarter of North Gujarat. Later it was moved to Kadi and subsequently to Mehsana in 1902. They merged it with India after independence in 1947. It was included in Bombay state. Later became part of Gujarat in 1960 after divison of Bombay state into Gujarat and Maharashtra. At present,  Mehsana is a separate district in north Gujarat.

One of the main attractions of  Mehsana, is its local Mehsani breed of buffalos.

Oil & Natural Gas (ONGC) came into Mehsana in 1967, and  the Mehsana fields are one of the highest onshore-producing asset of the ONGC.  Kendriya Vidyalaya ONGC Mehsana was established in the year 1980 under the project sector of ONGC.

Union Bank of India live on IMPS using Account Number and IFS Code

          Union Bank of India customers can now receive funds through IMPS (Immediate Payment Service) just by letting the remitter know their Account Number and IFS Code.

          This eliminates the need for MMID. Of course, MMID has its own advantages.  The main advantage of MMID is that the remitter need not know the account number of the beneficiary.

          Union Bank of India, to encourage its customers to utilize the Debit Cards or credit cards to the maximum has launched a Debit Card Rewards program.

          This new campaign by Union Bank in the final month of the financial year is sure to increase the transaction numbers of its debit cards.

          The program has been named as Union Rewardz. Yes, very similar to SBI Rewardz program.

          The highlights are:-

Automatic pre-enrolled as a member, as long you have a valid Debit or Credit Card of Union Bank of India.

01) Reward points  accrue on all transactions made through your Debit & Credit Cards at POS and E-Commerce outlets.

02)                These reward points can be redeemed against thousands of merchandise items, movie, bus & air tickets, gift vouchers & more.

03)                With every purchase perRs. 100, the card holder can earn Union Points.

04)                A minimum of Rs100/- has to spend every time to earn 1point.

05)                Once you get 100 Union Points, than you can start the redemption process.

So Union Bank Credit/Debit Card holders register now  at www.UnionRewardz.com or by calling 18001088000.

Jammu & Kashmir Bank joins IMPS

            Jammu and Kashmir Bank has joined the Immediate Payment Service (IMPS) network on 21/02/2013.

            Jammu & Kashmir Bank or shortly known as JK Bank, is a Bank with main focus on Kashmir.

            JK Bank has a history of over 75 years. The Jammu & Kashmir Bank was founded on October 1, 1938 under letters patent issued by the Maharaja of Jammu and Kashmir, Hari Singh.

J&K Bank functions as a universal bank in Jammu & Kashmir and as a specialized bank in the rest of the country. It is also the only private sector bank designated as RBI’s agent for banking business, and carries out the banking business of the Central Government, besides collecting central taxes for CBDT.

            With JK Bank being part of the IMPS network, its customers would be able to transfer money and also receive money, in a fraction of a minute.

            Welcome JK Bank to India’s  newest  ePayment Product.

           

The new identity for J&K Bank is a visual representation of the Bank’s philosophy and business strategy. The three coloured squares represent the regions of Jammu, Kashmir and Ladakh. The counter-form created by the interaction of the squares is a falcon with outstretched wings – a symbol of power and empowerment. The synergy between the three regions propels the bank towards new horizons.Green signifies growth and renewal, blue conveys stability and unity, and red represents energy and power. All these attributes are integrated and assimilated in the white counter-form.

Bassein Catholic Co-op.Bank Ltd – Immediate Payments Service’s newest member

Bassein Catholic Cooperative Bank has gone live on IMPS using Account No and IFS Code                             

The Co-operative bank was set up in 1918 @ the Mumbai Suburb-Vasai. Vasai has a large Christian population, hence over the years, the bank has business of Rs3500 crs +.

 The Bank has 34 branches with 24 Onsite and 2 Off site ATMs and shortly opening another 5 branches.  All the branches operate on CBS.

                The Bank has recently joined the RuPay ATM network too, which combined with IMPS will help the Bank to shore up its CASA balances.

The Vasai Area over the years has an influence of local Marathi, English and Portuguese cultures.

The name "Bassein" is the English version of the Portuguese "Baçaim" (with the "ç" spoken as "s" and with the "m" silent), itself a version of an apparently native name that may have a connection to the Vasa Konkani tribals of the North Konkan region, extending from Mumbai into "South Gujarat." The Marathi name of the place is Vasai.

The complete form of the Portuguese name is "Fortaleza de São Sebastião de Baçaim" or the Fort of St. Sebastian of Vasai.

The fort and the village are accessible most easily through the Vasai Road Railway Station, which itself is in Manikpur-Navghar, a part of the newly raised City of Vasai-Virar 

IMPS – Launch news in the 2nd week of September 2012

            In the 2^nd week of September 2012, 3 Banks with different IMPS sub-products have gone live.

01) On 13/09/2012, Central Bank of India has gone live on Internet Banking channel for IMPS transactions 

In January 2012, Central Bank of India had launched a ‘Go Green Campaign’. The main focus of the campaign was to motivate the customers to : -

- Opt for e-statements

- Use internet banking (24 x 7) for banking transactions

- Use e-voucher machine for transactions.

            As a give and take tool, the customers as well as the staff members were to be incentivized / rewarded for use of Green Banking.

            As there was tremendous response, the ‘Go Green Campaign’, was extended till July 2012, and now up to Dec 12.

During the initial campaign period, CBI could collect 4874618 Mobile Numbers, 2913817 PAN Nos and 146846 E-mail ids.

02)On 13/09/2012, Punjab and Maharashtra Co-operative Bank has gone live on IMPS.

The Brand name of PMC Bank’s IMPS is “Mobile Pay" and the slogan is “Baithe Baithe Ghar Pe Banking Ab Mobile Pay".

03)On 11/09/2012, Indian Bank has gone live on Internet Banking channel for IMPS transactions and also gone live on IMPS using Account No and IFS Code.

To encourage ePayments, Indian Bank has launched a new facility for it bank customers.  Indian Bank customers now make TNEB bill payment using mobile phones through SMS

IMPS - (India's Magical Payment System )Member Banks reaches the 50 mark

The IMPS enabled member bank list has reached 50, with Punjab and Maharashtra Co-operative Bank joining IMPS on 23-Jul-12.

July 12 had been a particularly busy period for IMPS network, with 6 Banks becoming part of the IMPS family.

The following Banks have joined IMPS in July 12.

• Punjab and Maharashtra Co-operative Bank on 23-Jul-12
• Standard Chartered Bank on 22-Jul-12
• ING Vysya Bank on 21-Jul-12
• Karnataka Bank on 20-Jul-12
• Janata Sahakari Bank, Pune on 12-Jul-12
• United Bank of India on 4-Jul-12

All the above banks have are still in the soft launch stage. Once the IT Applications are stabilized, and Operations Team familiar with the in and out of the IMPS flow, the respective Bank Customers will be invited to avail the IMPS benefits.

Janata Sahakari Bank Ltd., Pune offers IMPS.

Janata Sahakari Bank Ltd., Pune established on 18th October 1949, with over 37 branches spread in the 7 districts in and around Pune has entered the IMPS network.

Late Moropant Pingale, an RSS Pracharak was the main inspiration in the establishment of the Bank. To remember his memories, the Bank has instituted an award in his name. The award is given to a Organization engaged in Social work.

With the beauty of IMPS, JBS-Pune customers can now receive and send funds instantly to all the 46 Banks customers on the IMPS network. This dramatically increases the reach of the JBS customers.

State Bank of Hyderabad - 34th Member of Interbank Mobile Payment Service (IMPS)

On 18/01/2012, IMPS welcomed it's new member, State Bank of Hyderabad. State Bank of Hyderabad is the 34^th addition to the IMPS network.

It is still a soft launch, hence the infomration link on the bank's website is not yet up.

With over 1000+branches and a strong presence in Andhra Pradesh, the IMPS facility to it's customers will add volumes to IMPS.

State Bank of Hyderabad started its life in August 1941, as Hyderabad State Bank under Hyderabad State Bank Act, 1941.

The Bank started with the unique distinction of being the central bank of the erstwhile State of Hyderabad, covering present-day Telangana region of Andhra Pradesh, Hyderabad-Karnataka of Karnataka and Marathwada of Maharashtra, to manage its currency – Osmania Sikka and public debt apart from the functions of commercial banking. The first branch of the Bank was opened at Gunfoundry, Hyderabad on 5th April, 1942.

In 1953, the Bank took over the assets and liabilities of the Hyderabad Mercantile Bank Ltd. In the same year, the Bank started conducting Government and Treasury business as agent of Reserve Bank of India.

In 1956, the Bank was taken over by Reserve Bank of India as its first subsidiary and its name was changed from Hyderabad State Bank to State Bank of Hyderabad. The Bank became a subsidiary of the State Bank of India on the 1st October 1959 and is now the largest Associate Bank of State Bank of India.

Banks On IMPS

Banks on IMPS
Bank Name	Soft Launch on	Public Launch on	URL
IMPS - Andhra Bank	28/07/2011
IMPS - Axis Bank	11/10/2010	22/11/2010	http://goo.gl/TVaUj
IMPS - Bank of India	10/06/2010	22/11/2010	http://goo.gl/EHSJ2
IMPS - Canara Bank	14/03/2011	06/06/2011	http://goo.gl/PQgjm
IMPS - Catholic Syrian Bank	25/08/2011
IMPS - Citbank	06/06/2011	13/07/2011	http://goo.gl/WSkQY
IMPS - Corporation Bank	05/01/2011	12/08/2011
IMPS - Development Credit Bank	11/03/2011	28/04/2011	http://goo.gl/VE79E
IMPS - Dombivli Nagari Sahakari Bank	29/04/2011	21/05/2011	http://goo.gl/q3LhZ
IMPS - Federal Bank	15/02/2011	07/03/2011	http://goo.gl/tYgbE
IMPS - HDFC Bank	20/11/2010	22/11/2010	http://goo.gl/OZ7Bi
IMPS - ICICI Bank	10/08/2010	22/11/2010	http://goo.gl/2sUxq
IMPS - IDBI Bank	01/04/2011
IMPS - Indian Bank	22/02/2011	11/04/2011	http://goo.gl/Avsuo
IMPS - Indian Overseas Bank	30/04/2011
IMPS - Indusind Bank	05/08/2011	05/08/2011	http://goo.gl/4LhDQ
IMPS - Karur Vysya Bank	30/03/2011
IMPS - Kotak Mahindra Bank	07/01/2011	04/03/2011	http://goo.gl/dM56X
IMPS - Lakshmi Vilas Bank	19/01/2011	04/02/2011	http://goo.gl/HjjfR
IMPS - Oriental Bank of Commerce	10/02/2011
IMPS - Punjab National Bank	19/05/2011		http://goo.gl/qN4xo
IMPS - South Indian Bank	28/06/2011
IMPS - State Bank of India	10/08/2010	22/11/2010	http://goo.gl/DXVCC
IMPS - Syndicate Bank	24/03/2011	10/05/2011	http://goo.gl/xOaoD
IMPS - UCO Bank	23/07/2011	25/07/2011	http://goo.gl/qsXpc
IMPS - Union Bank of India	10/08/2010	22/11/2010	http://goo.gl/EZj6Y
IMPS - Vijaya Bank	27/07/2011	02/08/2011
IMPS - YES Bank	09/09/2010	22/11/2010