Bank of India (BoI) launched Instant Money Transfer (IMT) scheme

The Bank of India (BoI) launched an Instant Money Transfer (IMT) scheme and became the first state-run lender to allow withdrawal of funds to individuals from its ATMs without an account in the bank. In other words, the IMT scheme allows customers to withdraw cash without using either debt card or credit card at BoI’s IMT-enabled ATMs.
Mechanism of Instant Money Transfer (IMT) scheme

• Initiation by Sender for 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.
• After getting these two pieces of information, one from the sender and the other on SMS, the receiver walks into the bank’s nearest IMT-enabled ATM and withdraws cash by punching in the mobile number, sender code, and SMS Pin.

• The receiver would receives partial details for cash withdrawal on his/ her mobile phone and partial details by customer.
• The sender will be charged of IMT fee of Rs 25 for every IMT transaction, he or she issues to a receiver or beneficiary.
• Monthly withdrawal limit prescribed for IMT transaction: Rs.25,000 for receiver, and per transaction limit of Rs.10,000.

 Instant Money Transfer (IMT)

• An innovative domestic money remittance facility.
• Purpose: To extend the services across bank’s branches, so that the IMT sent from the account-holder of one bank, can be withdrawn from other bank ATM.
• 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 facility can be initiated by the bank’s customer over bank’s ATM and retail Internet banking.
• Can also be cancelled by the sender before its expiry and withdrawal.
• From the date of issue, valid for 14 days only. After 14 days the transaction expires and the sender is credited back with the IMT amount.

Month: Current Affairs - March, 2014