Question
What does 'IMPS' stand for?
Solution
IMPS (Immediate Payment Service), operated by NPCI, is available 24 hours a day, 365 days a year including bank holidays, unlike NEFT (available on bank working days, near-real-time batch settlement) and RTGS (available on working days, minimum ₹2 lakh, real-time gross settlement). IMPS has no minimum transaction amount and maximum limit of ₹5 lakh per transaction.
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