IMPS

Currently majority of interbank fund transfer transactions are channelized through NEFT mechanism. Under NEFT the transactions are processed and settled in batches, hence are not real time. Also, the transactions can be done only during the working hours of the RTGS system.

In the above context National Payment Corporation of India (NPCI) has introduced the Immediate Payment Service (IMPS).

IMPS offers an instant, 24x7, interbank electronic fund transfer service through mobile phones. IMPS facilitates customers to use mobile instruments as a channel for accessing their bank accounts and put high interbank fund transfers in a secured manner with immediate confirmation feature.

This facility is provided by the NPCI through its existing NFS switch. The eligibility criteria for the Bank who can participate in IMPS is that the Bank should have approval from RBI for Mobile Banking Service.