IMPS Full Form
The Full form of IMPS is Immediate Payment Service. IMPS is an instant funds transfer system in India. Immediate Payment Service (IMPS) offer an inter-bank electronic fund transfer service through mobile phones and unlike NEFT and RTGS; the IMPS service is available 24/7 throughout the year including bank holidays. It is the immediate fund transfer service that facilitates fast and easy fund transfer with no hassles. Most people often confuse it with other modes of funds transfer such as NEFT and RTGS and do not know the IMPS full form or its features. But it is completely different from the other two. This is an inter-bank electronic fund transfer system that uses mobile phones as a platform for the transfer process. NPCI (National Payments Corporation of India) is managing IMPS and it is built on the current NFS (National Financial Switch). In 2012, IMPS started with a pilot from NPCI for mobile payment systems with 4 banks, viz. State Bank of India, Bank of India, Union Bank of India and ICICI Bank. On 22nd November, IMPS was launched publically and now includes 53 commercial banks, 101 district/ rural/ urban and cooperative banks and 24 PPIi.