NPCI plans to set-up a 24 X 7 real time remittance system which would be available to customers through retail and alternate facilities round the clock for making payments or transferring payments both inside and outside India. This new system will be known as “India Money Line (IML) System” and would replace the current NEFT payment in India.
Customers will be able to use this new system to make remittances through Internet, Mobile, Point of Sale (POS), ATM etc. IML will have the following attributes:
- Easy to use
- Use state of art technology
- World Class
- Prevent Fraud and Money Laundering activities
- Cost effective
- Reduce paper
IML is envisaged to integrate with Unique Identification Number (UID), an initiative of Govt. of India, to make available such immediate payment facility to every citizen of India thus supporting the Financial Inclusion initiative.