The third largest private sector lender of the country, Axis Bank has introduced Instant Money Transfer (IMT) facility. It is a new remittance facility with innovative features.

The facility will initially be available only to customers in Mumbai, Bangalore, Hyderabad and Ahmedabad.

The bank is expected to roll the facility all over India in the upcoming four to six weeks. With this facility the customers can avail instant payment facility to any place in India at very low cost.

An added benefit is that the receiver is not neccessitated to be an account holder with Axis Bank. All he needs is a mobile phone so that he can be notified of the remittance.

The receiver then is needed to go to the nearest Axis Bank ATM and withdraw the money. Net banking, mobile banking and ATM can be used by the reciever to withdraw the money.