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Important Key Points about IMPS for Banking Exams


Immediate Payment Services (IMPS) is real-time remittance service available anytime, anywhere across India. Using IMPS customers can transfer money real-time to any person or to a merchant, for any personal or commercial purpose. IMPS offer an interbank electronic fund transfer service through smart phones. Unlike NEFT and RTGS, the facility is available 24/7 throughout the year including
bank holidays.NPCI conducted a pilot study on the mobile payment system with the banks like SBI, BOI, UBI and ICICI in August 2010. Also the banks like Yes bank, Axis and HDFC bank joined this league in the month of September, October and November 2010 respectively. Immediate Payment Service (IMPS) public launch happened on 22nd November 2010 by Smt. Shyamala Gopinath (DG of RBI) at Mumbai. This service is now procurable to the Indian public.

  • To build the foundation for a full range of mobile based Banking services.
  • To enable bank customers to use mobile device as a channel for grasp their banks accounts and remit funds.
  • To facilitate mobile payment systems already introduced in India with the Reserve Bank of India Mobile Payment Guidelines 2008 to be inter-operable across banks and mobile operators in a safe and secured manner.
  • To create the payment less intricate with the use of the mobile number;

IMPS Participants:
  1. National Financial Switch – NPCI
  2. Remitter (Sender)
  3. Banks
  4. Beneficiary (Receiver)

You can use IMPS to transfer funds to your loved ones, pay merchants after shopping, pay bills and fees and pay for many more services –
  • Online shopping
  • Mobile top-up / DTH top-up
  • Grocery Bills Payment
  • Travel & Ticketing
  • Donation to religious institutes
  • Schools & Colleges Fee payments
  • Over-the-counter payments
  • Credit Card Bill Payment
  • Insurance premium payment

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