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.

Announcing the launch the bank, in a statement on Tuesday, said the IMPS has been enabled across all branches to provide inter-bank electronic fund transfer service “capable of processing person to account remittances.”

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.