IMPS Current Affairs - 2019

Category Wise PDF Compilations available at This Link

Andhra Bank launches IMPS for money transfer

Andhra Bank has launched Immediate Payment Service (IMPS) at all its branches across the country to provide inter-bank electronic fund transfer service.

The customer-friendly service was launched by Andhra Bank in association with the National Payments Corporation of India (NPCI).

It also supports real time instant fund transfer system for inter-bank remittances. However the maximum caps of transaction of remittances will 2 lakh rupees and the charges will be at the rate of Rs.5 per transaction.

Immediate Payment Service (IMPS)

  • IMPS is a multi-channel, multi-dimensional inter-bank electronic fund transfer platform that allows customers to transfer money electronically within fraction of seconds with all the standards and integrity maintained for security.
  • It is round-the-clock real time instant fund transfer system which is not possible in National Electronic Funds Transfer (NEFT) system. It also safest and most economical electronic fund transfer service.

Month: Categories: Business, Economy & Banking