In the context of the banking sector of India, what is the full form of IMPS?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. Immediate Payment Service.
IMPS stands for Immediate Payment Service. It is an instant interbank electronic funds transfer system in India, launched by the National Payments Corporation of India (NPCI). IMPS enables secure, real-time money transfers 24/7 using mobile phones, ATMs, internet banking, or bank branches. It operates through various modes such as MMID (Mobile Money Identifier), account number & IFSC, or Aadhaar number. IMPS plays a crucial role in enhancing digital transactions by providing a fast and efficient banking solution for customers.