Who: Andhra Bank
What: Launched Immediate Payment Service
When: 6 January 2016
Andhra Bank on 6 January 2016 launched Immediate Payment Service (IMPS) across all its branches in association with the National Payments Corporation of India (NPCI).
The service makes payments possible within fraction of seconds with all the standards and integrity maintained for security.
The IMPS was enabled across all branches to provide inter-bank electronic fund transfer service capable of processing person to account remittances.
Unlike National Electronic Funds Transfer (NEFT), IMPS will be available round-the-clock under which a real-time instant fund transfer system for inter-bank remittances is possible. The maximum cap of transaction will be 2 lakh rupees and charged at the rate of five rupees per transaction.
National Payments Corporation of India (NPCI)
National Payments Corporation of India (NPCI) is an umbrella organization for all retail payments system in India. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA).
NPCI was incorporated in December 2008 and the Certificate of Commencement of Business was issued in April 2009. It was incorporated as a Section 25 company under Companies Act 1956 (now Section 8 of Companies Act 2013) and is aimed to operate for the benefit of all the member banks and their customers.
Immediate Payment Service
Immediate Payment Service (IMPS) is one of the electronic funds transfer systems of India. It was started in November 2010. The service enables an instant, 24X7, interbank electronic fund transfer through mobile, internet and ATM.
The service is not only safe but also economical both in financial and non financial perspectives.