Currently majority of interbank mobile fund transfer
transactions are channelised through NEFT mechanism. Under NEFT, the
transactions are processed and settled in batches, hence are not real
time. Also, the transactions can be done only during the working hours
of the RTGS system.
In the above context, NPCI
has carried out a pilot on mobile payment system initially with 4
member banks viz State Bank of India, Bank of India, Union Bank of
India and ICICI Bank in August 2010. Yes Bank, Axis Bank and HDFC Bank
have joined this pilot in month of September, October and November 2010
respectively. Immediate Payment Service (IMPS) public launch happened
on 22nd November 2010 by Smt. Shyamala Gopinath, DG RBI at Mumbai and this service is now available to the Indian public.
IMPS offers an instant,
24X7, interbank electronic fund transfer service through mobile phones.
IMPS facilitate customers to use mobile instruments as a channel for
accessing their bank accounts and put high interbank fund transfers in a
secured manner with immediate confirmation features.
This facility is provided by NPCI through its existing NFS switch.
The eligible criteria for the Banks who
can participate in IMPS is that the Bank should have approval from
RBI for Mobile Banking Service.
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