New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    Consider the following statements about the

    Immediate Payment Service (IMPS)? I. UPI is an advanced version of Immediate Payment Service (IMPS). II. IMPS offers an inter-bank electronic fund transfer service through bank branches. III. It is an instant payment inter-bank electronic funds transfer system in India. Which of the above statements is/are incorrect?
    A I Correct Answer Incorrect Answer
    B I & II Correct Answer Incorrect Answer
    C I & III Correct Answer Incorrect Answer
    D All statements are correct Correct Answer Incorrect Answer
    E All statements are incorrect Correct Answer Incorrect Answer

    Solution

    UPI is an advanced version of Immediate Payment Service (IMPS). Immediate Payment Service (IMPS) is an instant payment inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. The service is available 24x7 throughout the year including bank holidays.

    Practice Next