The State Bank of India has slashed IMPS charges up to 80 percent. IMPS stands for

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Immediate Payment Sending
B	Immediate Payment Sale
C	Immediate Payment Solution
D	Immediate Payment Service

Explanation:

Detailed explanation-1: -IMPS service is used to transfer funds within INDIA with denominations of INR only. As per NPCI circular, the maximum amount that can transferred is Rs 2 Lakhs per transaction. Any transaction more than Rs 2 Lakhs will not get processed and will be credited back into your account.

Detailed explanation-2: -Updated: 16-01-2023 11:15:15 AM. IMPS is an instant money transfer service facilitated by NPCI (National Payment Corporation of India). The full form of IMPS is Immediate Payment Service which allows people to send and receive funds from savings accounts in real-time.

Detailed explanation-3: -Launched in 2010, IMPS, Immediate Payment System was developed as yet another nuanced alternative to transfer funds interbank via payment gateways such as RTGS and NEFT, electronically, in real time, everytime and everywhere using multiple access channels such as mobile banking, netbanking, ATM, SMS and IVR.

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