BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To facilitate mobile payment systems already introduced in India with the Reserve Bank of India Mobile Payment Guidelines 2008 to be inter-operable across banks and mobile operators in a safe and secured manner
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Making payment simpler just without the mobile number of the beneficiary
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To enable bank customers to use mobile instruments as a channel for accessing their banks accounts and remit funds
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To build the foundation for a full range of mobile based Banking services
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Detailed explanation-1: -IMPS facilitates easy payments to merchants using bank app. It is instant, 24 X 7, available across banks. Make payments using Mobile phones (SMS and bank app). Register your mobile number with your bank and ask for your M-Pin.
Detailed explanation-2: -Q. Which of the following is not true about Immediate Payment Service (IMPS)? Answer: [A] To use IMPS, both the account holder and beneficiary needs to have Mobile Money Identifier (MMID). Notes: One can choose the IMPS method to transfer money using net banking, mobile banking, ATMs or SMSs.
Detailed explanation-3: -The only other way of transferring funds to an account without adding it as a beneficiary is making an IMPS transfer using MMID. This MMID or Mobile Money Identification Number is a seven-digit unique number. Of this, the first four digits are the unique identification number of the bank offering IMPS.
Detailed explanation-4: -While initiating an IMPS transaction using either ATM or Internet channel, mobile banking registration for a remitting customer is not mandatory. Similarly, for customers receiving money using account number/IFSC, or using AADHAAR number, mobile banking registration is not mandatory.