Taking a first-of-its-kind initiative, Bank of India (BOI) has launched Instant Money Transfer (IMT) system that enables card-less cash withdrawal at its IMT-enabled automated teller machines (ATMs).

Innovative money remittance facility IMT allows a customer to send money to a receiver just by using the recipient's mobile number through the bank's ATM or retail internet banking service.  The recipient can withdraw the money from a BOI ATM without using a card.

The recipient gets partial details for cash withdrawal on his/her cell phone and partial details from customer.  The process of transferring money is initiated by the sender by providing receiver's mobile phone number, a four digits SMS code, and the amount of money he/she wants to send.  The sender can authorize the transaction either form the bank's ATM or internet banking.

Then, the recipient use the information he got from the sender and through SMS in the nearest BOI IMT-enabled ATM to withdraw cash by filling in the mobile number, SMS Pin and sender code.

BOI Chairman & Managing Director V.  R.  Iyer said, "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to extend the services across bank's branches, so that the IMT sent from the account-holder of one bank, can be withdrawn from other bank ATM."

The withdrawal limit for IMT transaction has been prescribed at Rs 25,000 per month, with each transaction limit of Rs 10,000.

Once issued, IMT is valid for a period of 14 days.  However, the sender can cancel it even before its expiry or withdrawal.