what is imps

IMPS stands for Immediate Payment Service, which is an interbank electronic funds transfer system in India. It allows individuals to send and receive funds in real time, providing secure and versatile money transfer capabilities. IMPS is available 24/7, offers instant notifications, and can be accessed through internet banking and mobile platforms. It is a popular and widely used service, allowing for the transfer of funds up to Rs. 2 lakhs instantly. IMPS is offered by the National Payments Corporation of India (NPCI) and is available through various channels such as mobile phones, ATMs, and internet banking