State Bank Of India

State Bank of India (SBI) has launched an Instant Money Transfer (IMT) Payment System on its ATMs in India. IMT enables a payment up to Rs 10,000 to be made from any SBI bank account to a person using just his/her mobile number as the identifier. The recipient of this payment can withdraw funds instantly from an IMT-enabled ATM of SBI without using a debit card.

This facility will be more useful for the migrant population who are regularly sending the money to their native places. IMT will also eliminate the middle men who are charging commission for remittances.