Bank of India has launched its new service, instant money transfer (IMT), which enables cardless cash withdrawals at its IMT-enabled ATMs.
With IMT, customers can easily send money using the receiver’s mobile number. The sender should provide the receiver’s mobile number, sender code and the amount through a text message or through internet banking.
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The receiver receives a four-digit SMS pin from Bank of India and the sender code from sender, both of which can be used to withdraw the money from an IMT-enabled ATM without using a card.
Bank of India chairman and managing director, VR Iyer, said they see this IMT facility as an opportunity to extend the services across bank’s branches, so that the IMT sent from the account-holder of one bank, can be withdrawn from other bank ATM.
According to regulatory guidelines, the monthly withdrawal limit prescribed for IMT transaction is INR25,000 ($413) for receiver, and per transaction limit of INR10,000 ($165).
An issued IMT is valid only for 14 days, following which it expires.
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