Andhra Bank launches IMPS for money transfer
Andhra Bank has launched Immediate Payment Service (IMPS) at all its branches in association with the National Payments Corporation of India (NPCI).
A multi-channel, multi-dimensional platform, IMPS makes payments possible within fraction of seconds with all the standards and integrity maintained for security.
Noting that there is a rising customer need for instant fund remittances, the bank counted the IMPS launch among customer-friendly IT initiatives.
On the advantages of the branch of IMPS module, the release said that the facility will be available round-the-clock unlike the NEFT, which is available only for limited hours. Under the IMPS, a real time instant fund transfer system for inter-bank remittances, the maximum cap of transaction will Rs.2 lakh. The charges will be at the rate of Rs.5 per transaction.
Current Affairs: 5th January, 2016 Current Affairs Round up December, 2015.
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