BANKING AFFAIRS

Detailed explanation-1: -Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. It is also being extended through other channels such as ATM, Internet Banking, etc. What is MMID?

Detailed explanation-2: -Immediate Payment Service (IMPS) is an instant payment inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. The service is available 24x7 throughout the year including bank holidays. NEFT was also made available 24x7 from December 2019.

Detailed explanation-3: -IMPS (Immediate Payment Service) IMPS is another real-time payment service, but the distinguishing factor is that IMPS is available 24⁄7 and you can avail the service even on bank holidays. Using IMPS, you can transfer comparatively lower amounts, up to Rs. 2 lakhs, instantly.

Detailed explanation-4: -You can use IMPS through mobile banking for which you must activate a mobile banking service for your bank account to register and use IMPS. However, it is not necessary for IMPS through an ATM, a bank branch, or UPI. Can I do foreign transactions using IMPS? No, you can not do foreign transactions using IMPS.