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    Question

    Immediate Payment Service is an instant payment inter-bank electronic funds transfer system in India. Mark the correct option/s for IMPS.

    A RBI increased the Immediate Payment Service transaction limit from Rs 2 lakhs to 5 lakhs. Correct Answer Incorrect Answer
    B IMPS is managed by the National Payments Corporation of India (NPCI). Correct Answer Incorrect Answer
    C Bank account nos. are necessarily required for IMPS fund transfer. Correct Answer Incorrect Answer
    D Only a and b Correct Answer Incorrect Answer
    E All a, b, and c are correct. Correct Answer Incorrect Answer

    Solution

    In a bid to promote digital transactions, the Reserve Bank increased the per transaction limit from Rs 2 lakh to Rs 5 lakh through Immediate Payment Service (IMPS). Money can be sent to any beneficiary through IMPS mobile platform by only providing his/her mobile no. and Mobile Money Identifier (MMID). IMPS managed by the National Payments Corporation of India (NPCI) is an important payment system providing 24x7 instant domestic funds transfer facility and is accessible through various channels like internet banking, mobile banking apps, bank branches, ATMs, SMS and IVRS.

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