New IMPS rule likely from February 1: While sending money, the sender will now enter or select the receiver's mobile number and bank name from the list of the banks enabled on the flow, instead of entering the unique MMID, said Sanjeev Moghe, President and head — Of cards and Payments, at Axis Bank. NPCI says that up to Rs 5 lakh can be transferred through simplified IMPS without adding a beneficiary. How will it work? What do you need to keep in mind while transferring your money? All you need to know