IMPS has been launched by Andhra Bank for money transfer [ Current Affairs ]

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In order to provide inter-bank electronic fund transfer service, Andhra Bank has launched Immediate Payment Service (IMPS) at all its branches in country. Andhra Bank has launched this customer friendly service by association with National Payments Corporation of India (NPCI).

  • For inter-bank payments, it also supports real time instant fund transfer system.
  • The maximum transaction capability of payments will 2 lakh rupees and the charges will be at the rate of Rs. 5 per transaction.

About Immediate Payment Service (IMPS)

  • Immediate Payment Service (IMPS) is one of the electronic funds transfer systems of India which was started in Nov. -2010.
  • It is a multi-channel, multi-dimensional inter-bank electronic fund transfer platform that allows customers to transfer money within banks across India through mobile, internet and ATM within fraction of seconds with all the standards and integrity maintained for security.
  • IMPS provide facility for an instant, 24X7, interbank electronic fund transfer service through mobile phones.
  • IMPS is an emphatic tool to transfer money instantly which is not only safe but also economical both in financial and non-financial perspectives.
  • It also safest and most economical electronic fund transfer service.

- Published on: January 8, 2016