BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To use IMPS, both the account holder and beneficiary needs to have Mobile Money Identifier (MMID).
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Internet Banking Account facilitates IMPS to transfer money to any account.
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The facility is provided by National Payments Corporation of India through its existing NFS switch.
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IMPS offers an instant, 24X7, interbank electronic fund transfer service through mobile phones.
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Detailed explanation-1: -Which of the following is not true about Immediate Payment Service (IMPS)? Answer: [A] To use IMPS, both the account holder and beneficiary needs to have Mobile Money Identifier (MMID). Notes: One can choose the IMPS method to transfer money using net banking, mobile banking, ATMs or SMSs.
Detailed explanation-2: -IMPS is an emphatic service which allow transferring of funds instantly within banks across India which is not only safe but also economical. Currently on IMPS, 694 members are live which includes banks & PPIs. This facility is provided by NPCI through its existing NFS switch.
Detailed explanation-3: -What is MMID? MMID is a 7 digit number allotted by your Bank for receiving funds through IMPS. The bank will allot MMID when you register your mobile number and account number in which you wish to receive funds. If you have more than one account, you will get a separate MMID for each account.