Aadhaar Payment Bridge System & Direct Benefit Transfer

Direct Benefit Transfer Program helps transfer subsidies directly to the bank account of the people. Benefits from Govt. Departments can received to the accounts of MGB customers, provided AADHAAR number has been linked to Accounts with our branches. Aadhaar Payments Bridge System (APBS) is used for crediting DBT transactions for Government/ Government agency disbursements.

Overview

IMPS offers an inter-bank electronic fund transfer service through mobile phones. Unlike NEFT and RTGS, the service is available 24/7 throughout the year including bank holidays. Customers can transfer and receive funds via IMPS through Mobile Banking using their registered Mobile number and Mobile Money Identifier (MMID) or using their Account number and IFSC code.

Features & Benefits

IMPS services is available 24/7 throughout the year including bank holidays.
The funds will be credited into the beneficiary account immediately.
The remitting bank sends a confirmation message to the remitting customer about the transaction initiated by him / her.
On receiving the amount, the beneficiary bank sends a confirmation message to the beneficiary customer informing him / her of the credit in the account.

Types of IMPS & How it Works?

IMPS fund Transfer can be of two types: IMPS remittance from Person to Person and IMPS remittance from Person to Account
Details required for IMPS remittance from Person to Person:
- Beneficiary Name
- Beneficiary MMID
- Beneficiary Mobile Number
Details required for IMPS remittance from Person to Account
- Beneficiary Name
- Beneficiary Account Number
- Beneficiary IFS Code
- For transferring funds using IMPS users can opt any of the above methods.

What is MMID in IMPS?

MMID stands for Mobile Money Identification Number
It is a seven digit number of which the first four digits are the unique identification number of the bank offering IMPS.

Transaction Limit & Timing

Inward and Outward IMPS transactions are available 24X7.
There are no holiday restrictions on IMPS outward and inward transactions.
Outward IMPS transactions are allowed upto an amount of Rs.50,000/- per day with per transaction limit of Rs.50,000/-
Monthly limit of IMPS is 5 Lakhs