Question
How many digits are there in a MMID code used for money
transfer through mobile devices?Solution
MMID, also known as Mobile Money Identifier, is a 7-digit code used as a unique identifier for customers to make instant interbank transfers through mobile devices and NetBanking services. MMID facilitates Immediate Payment Service (IMPS) fund transfers without the need to add beneficiaries and wait for the same to be vetted by your bank. In each MMID, the first four digits are the unique identification number of the bank offering IMPS money transfers. Banks allocate a distinct MMID number to their customers, which is linked to their bank accounts and registered mobile numbers.
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Read the following information to answer the below questions:
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Given:
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• Increase in inventory: ₹5 lakh
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