What is the full form of IMPS?
IMPS full form: Immediate Payment Service
Tatkal Payment Service is the Hindi name for IMPS. In India, IMPS is an immediate electronic cash transfer system that allows you to send money from one bank to another. IMPS is a mobile phone-based inter-bank electronic fund transfer service. Unlike NEFT and RTGS, this service is available 24 hours a day, seven days a week, including holidays. It is an immediate fund transfer service that allows for quick and painless fund transfers.
Most people confuse it with other forms of fund transfer, such as NEFT and RTGS, and are unaware of its entire name or features. However, it is not at all like the other two. It’s an inter-bank electronic fund transfer system that leverages mobile phones as a platform. The IMPS is managed by NPCI (National Payments Corporation of India) and is based on NFS (National Financial Switch).
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