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Funds through IMPS Channel Increased Twice to Rs. 3.23 Lakh cr
July 12, 2018
According to the data with the National Payments Corporation of India (NPCI) which is the umbrella organization for all retail payments in the nation, the amount of funds transferred through Immediate Payment Service (IMPS) doubled to Rs. 3.23 lakh crores during the first quarter of the financial year 2018-19.
Launched in 2010, IMPS has become one of the most preferred online payment services today due to fast processing and 24/7 access. Prior to it, only two services i.e. RTGS and NEFT were available for online payments, and that too during the banking hours only.
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