Andhra Bank launches IMPS for money transfer

Andhra Bank has launched Immediate Payment Service (IMPS) at all its branches across the country to provide inter-bank electronic fund transfer service.
The customer-friendly service was launched by Andhra Bank in association with the National Payments Corporation of India (NPCI).
It also supports real time instant fund transfer system for inter-bank remittances. However the maximum caps of transaction of remittances will 2 lakh rupees and the charges will be at the rate of Rs.5 per transaction.

Immediate Payment Service (IMPS)

• IMPS is a multi-channel, multi-dimensional inter-bank electronic fund transfer platform that allows customers to transfer money electronically within fraction of seconds with all the standards and integrity maintained for security.
• It is round-the-clock real time instant fund transfer system which is not possible in National Electronic Funds Transfer (NEFT) system. It also safest and most economical electronic fund transfer service.

Month: Current Affairs - January, 2016