Recently Bank of India BOI has launched Instant Money Transfer IMT scheme Consider the following sta...........

Economic Affairs Digital Economy

Recently Bank of India (BOI) has launched Instant Money Transfer (IMT) scheme. Consider the following statements regarding Ithe scheme

1) The scheme allows withdrawal of funds to individuals from its ATMs without an account in the bank.

2) Users can withdraw cash only from Bank of India IMT-enabled ATMs.

Which of the given above statement (s) is/ are correct?

1 only

2 only

Both 1 and 2

Neither 1 nor 2

Second statement is incorrect i.e. Users can withdraw cash only from Bank of India IMT-enabled ATMs.

Instant Money Transfer (IMT)-

An innovative domestic money remittance facility.
Purpose: To extend the services across bank’s branches, so that the IMT sent from the account-holder of one bank, can be withdrawn from other bank ATM.
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’s ATM without using a card.
The facility can be initiated by the bank’s customer over bank’s ATM and retail Internet banking.
Can also be cancelled by the sender before its expiry and withdrawal.
From the date of issue, valid for 14 days only. After 14 days the transaction expires and the sender is credited back with the IMT amount.