In association with the National Payments Corporation of India (NPCI), Hyderabad headquartered Andhra Bank has launched Immediate Payment Service (IMPS) at all its branches.
- This multi-channel & multi-dimensional platform will makes payments possible within fraction of seconds with all the standards maintained for security.
- This facility of real time instant fund transfer system for inter-bank remittances will be available round-the-clock.
- The maximum cap of transaction will be Rs. 2 lakh. The charges will be at the rate of Rs.5 per transaction.
What is IMPS?
Immediate Payment Service (IMPS) is electronic funds transfer systems of India started in Nov 2010. The service enables an instant, 24X7, interbank electronic fund transfer through mobile, internet and ATM. The service is not only safe but also economical both in financial and non-financial perspectives.
National Payments Corporation of India (NPCI) is an umbrella organization for all retail payments system in India. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA).
- NPCI was incorporated in December 2008 and the Certificate of Commencement of Business was issued in April 2009.
- It was incorporated as a Section 25 company under Companies Act 1956 (now Section 8 of Companies Act 2013.
- The authorized capital was pegged at Rs 300 crore and paid up capital was Rs 100 crore.
Keys Andhra Bank
CEO – Suresh N Patel
Tagline – Where India Banks