IMT is a first-of-its-kind initiative by any public sector bank. This service allows customers to send money to receiver only by using their mobile number through the bank's ATM or using retail Internet banking facility.

The receiver may withdraw money from designated Bank of India’s ATM without using a debit card. The receiver then gets the details for cash withdrawal on their mobile phones.

Reserve Bank of India Governor Raghuram Rajan had earlier announced that people who don’t have a bank account will soon be able to receive money from those with bank accounts, using Automated Teller Machines (ATM).

According to sources, the monthly withdrawal limit prescribed for IMT transaction is Rs 25,000 for receiver, and per transaction limit of Rs 10,000.

JPN

Latest News  from Business News Desk