(a) whether the National Payments Corporation of India (NPCI) has launched a first of its
kind 24 hours payment system that will allow bank customers to remit money to any
account in the country for free using their mobile phones;
(b) if so, the details thereof; and
(c) the steps taken/being taken by the Government in this regard?
The Minister of State in the Ministry of Finance (SHRI NAMO NARAIN MEENA)
(a) to (c): National Payment Corporation of India is providing Interbank Mobile Payment
Service (IMPS) with seven banks viz, State Bank of India, ICICI Bank, Union Bank of India,
Bank of India, Yes Bank, Axis Bank, HDFC Bank. This service allows a customer in one bank
to remit funds to an account holder in another bank. Mobile phone is used as a service
delivery channel of the member banks. For providing this offer, the bank needs to have
authorization from Reserve Bank of India and has to be admitted as a member of IMPS.
Till 31st March 2011, NPCI will be providing the service to the member banks free of
charges. Thereafter switching fee of Rs. 0.25 per transaction will be levied by NPCI
to member banks. Member banks may levy a fee on the customers as per the policy formulated
by them. However for the present, they have also been providing this service free of charges.