IMPS (Immediate Payment Service)
Definition
An instant interbank transfer service available 24x7, run by NPCI.IMPS, operated by the National Payments Corporation of India (NPCI), enables immediate interbank fund transfers around the clock, including weekends and holidays. It is widely used for smaller, instant transfers and works using account number plus IFSC or mobile-based identifiers.
Related guides
Related terms
- NEFT (National Electronic Funds Transfer) — An RBI electronic transfer system that settles transactions and now operates 24x7.
- RTGS (Real Time Gross Settlement) — An RBI system for high-value transfers settled individually in real time; 24x7.
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