State Bank of Travancore (SBT) has launched Inter Bank Mobile Payment Service facility.
This is a unique facility managed by the National Payment Corporation of India for transferring money between bank accounts, using mobile phones and mobile banking facility.
This facility enables a customer having mobile banking facility to transfer funds to the account of any other beneficiary, either with the same bank or with another bank, on a 24 x 7 basis.
The beneficiary should have a unique seven-digit number known as Mobile Money Identifier (MMID) assigned by his bank, which is linked to the account and mobile phone number.
Mr A. P. Hota, Managing Director and Chief Executive Officer, NPCI, launched the IMPS facility at function held at the SBT head office here.
Mr P. Nanda Kumaran, Managing Director, SBT, presided over.
Among those were present included Mr Ram Rastogi, Head (IMPS), NPCI; Mr M. C. Jacob, Chief General Manager; and Mr V. Kannan Kutty, General Manager (technology and business processes), SBT.