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?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.
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