GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Important Payment Service
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Immediate Payment Service
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Internet Money Payment Service
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Internal Market Payment Service
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Detailed explanation-1: -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-2: -The full form of IMPS is an Immediate Payment Service. It enables 24 x 7 electronic fund transfer services in which the transaction is carried out between two bank accounts in real-time and on an immediate basis. IMPS fund transfer can be done through online banking as well as mobile banking.
Detailed explanation-3: -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.