Question

IMPS stands for:

A Interbank Mobile Payment Service Correct Answer Incorrect Answer
B Immediate Payment Service Correct Answer Incorrect Answer
C Instant Money Payment Service Correct Answer Incorrect Answer
D Immediate Money Payment System Correct Answer Incorrect Answer
E Immediate Payment System Correct Answer Incorrect Answer

Solution

Immediate Payment Service (IMPS) is an instant real-time inter-bank electronic funds transfer through mobile phones in India. Unlike NEFT and RTGS, the service is available 24/7 throughout the year including bank holidays. It is managed by the National Payments Corporation of India (NPCI) and is built upon the existing National Financial Switch network.

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