Bank of India has launched Instant Money Trasnfer, or IMT, which provides for cardless cash withdrawal at IMT-enabled ATMs. This is the first instance of a public sector bank offering this facility. IMT allows the customer to send money to a receiver only by using the receiver’s mobile number through the bank’s ATM and retail internet banking facility. The receiver can withdraw money from a Bank of India ATM without using a card. The receiver receives partial details for cash withdrawal on his or her mobile phone while partial details will be received by the customer as well.
Launching the IMT, Bank of India CMD V. R. Iyer said IMT is in line with the RBI’s expectation of expanding financial inclusion, wherein fund transfer can happen from bank account holders to those without accounts through ATMs. “We 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to extend the services across bank’s branches, so that the IMT sent from the account holder of one bank, can be withdrawn from other bank ATM,” she added. Iyer said apart from financial inclusion, the facility can be used for variety of purposes, including cash on an emergency basis at a distant area. The facility is safe and secure, she added. According to regulatory guidelines, the monthly withdrawal limit prescribed for IMT transaction is Rs 25,000.00 for receiver/ beneficiary and per transaction limit of Rs. 10,000. IMT once issued is valid for limited period of 14 days, post which it expires and the amount will be credited back to the sender’s account.
Dr Vaijayanta Anand, director of Nirman NGO and associate professor at the College of Social Work, Nirmala Niketan, University of Mumbai, was present on the occation.
