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Facility to send money through banks 24 hour soon
By siliconindia
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Thursday, 02 April 2009, 17:20 IST |
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Mumbai: The real-time money transaction services through banks are getting more faster and will be available 24 hours a day with the introduction of 'India money line', a new facility by National Payments Corporation of India (NPCI). This facility will be available across the country in the next few months, reported BusinessLine.
The new arrangement will enable the account holder to send money to the account of another person from the workplace or home at any time, even at the midnight and the beneficiary can withdraw the money in a few minutes. People can transfer the money by mobile or net banking and the beneficiary account holder can withdraw it through an ATM.
According to an official, NPCI's national switching facility helps process the transaction faster. It ensures automatic debit of funds from the sender's account and credits the same to the beneficiary account. "There could be an upper limit for the amount which can be sent through this system. Each bank will have a settlement limit and the amount up to that extent will be available for automatic clearing. Since the facility is mainly meant for retail payment, there is no lower limit," the official added.
Though the real-time money transfer facility is already available in India, the funds are credited to the beneficiary account only during banking hours. Meanwhile, the new facility being created by NPCI will overcome this problem.