Immediate Payment Service (IMPS) is an instant real-time inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. 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. In 2010, the NPCI initially carried out a pilot for the mobile payment system with 4 member banks (State Bank of India, Bank of India, Union Bank of India and ICICI Bank), and expanded it to include Yes Bank, Axis Bank and HDFC Bank later that year. IMPS was publicly launched on November 22, 2010. Currently, there are 53 commercial banks, 101 Rural/District/Urban and cooperative banks, and 24 PPIi signed up for the IMPS service.
Video Immediate Payment Service
List of participating banks in IMPS
- Airtel Payments Bank Limited
- Apna Cooperative Bank Ltd.
- Allahabad Bank
- Andhra Bank
- Axis Bank
- Adarsh Co-Operative Bank Ltd.
- Bandhan Bank
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Bassein Catholic Co-op Bank
- BNP Paribas
- Canara Bank
- Catholic Syrian Bank
- Central Bank of India
- Citibank
- City Union Bank
- Corporation Bank
- Cosmos Co-operative Bank
- Dena Bank
- Development Bank of Singapore
- Development Credit Bank
- Dhanalakshmi Bank
- UNION BANK OF INDIA
- Dombivli Nagarik Sahakari Bank
- Federal Bank
- HDFC Bank
- HSBC
- ICICI Bank
- IDBI Bank
- IDFC Bank
- Indian Bank
- Indian Overseas Bank
- IndusInd Bank
- ING Vysya Bank
- Jammu & Kashmir Bank
- Janata Sahakari Bank, Pune
- Karnataka Bank
- Karur Vysya Bank
- Kerala Gramin Bank
- Kotak Mahindra Bank
- Lakshmi Vilas Bank
- Mehsana Urban Co-operative Bank
- Nainital Bank
- NKGSB Co-operative Bank
- Oriental Bank of Commerce
- Paytm Payments Bank
- Pragathi Krishna Gramin Bank
- Punjab and Maharashtra Co-op Bank
- Punjab and Sind Bank
- Punjab National Bank
- Rajkot Nagrik Sahkari Bank Ltd
- RBL Bank
- Saraswat Bank
- South Indian Bank
- Standard Chartered Bank
- State Bank of Bikaner and Jaipur
- State Bank of Hyderabad
- State Bank of India
- State Bank of Mysore
- State Bank of Patiala
- State Bank of Travancore
- Syndicate Bank
- Tamilnad Mercantile Bank
- Thane Janata Sahakari Bank
- The A.P Mahesh Urban Co-op Bank
- The Greater Bombay Co-op Bank
- UCO Bank
- Union Bank of Mandya
- United Bank of India
- Vijaya Bank
- Yes Bank
Maps Immediate Payment Service
See also
- Payment and settlement systems in India
- Prepaid Payment Instruments in India
- National Electronic Fund Transfer
- Real Time Gross Settlement
References
Source of the article : Wikipedia