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Help NPCI launches mobile payment system
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Reserve Bank of India-backed nonprofit company National Payments Corp. of India (NPCI) on Monday launched a first-of-its-kind, 24hour Inter-bank mobile payment system (IMPS) that will allow-bank customers to remit money to any other bank account in India for free using only their mobile phones. Mint had reported about the system in the first-week of October.


Currently seven banks-State Bank of India, ICICI Bank Ltd, Union Bank of India, Bank of India, HDFC Bank Ltd, Axis Bank Ltd and Yes Bank Ltd-are live with the servcie while Corporation Bank, Citibank, Standard Chartered Bank and Canara Bank are among seven others in the process, said A.P. Hota, managing director and chief executive officer of NPCI. There will be a cap of Rs50,000 per day on mobile transactions, as per RBI guidelines.

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