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Andhra Bank unveils IMPS for instant money transfer
In a yet another customer-friendly initiative, Andhra Bank has launched Immediate Payment Service (IMPS) across its branch network to cater to the rising need of instant fund remittances for its customers.
Hyderabad: In a yet another customer-friendly initiative, Andhra Bank has launched Immediate Payment Service (IMPS) across its branch network to cater to the rising need of instant fund remittances for its customers.
Rolled out in association with National Payments Corporation of India (NPCI), the IMPS is a multi-channel and multi-dimensional platform that makes the payments possible within fraction of seconds with all the standards and integrity maintained for security.
The service is available 24x7, unlike the NEFT (national electronic fund transfer) system which is only for limited hours. The maximum cap of transaction under IMPS is Rs 2 lakh with charges at Rs 5 per transaction, Andhra Bank said in a release.
“Andhra Bank now enabled IMPS across all branches to provide interbank electronic fund transfer service which will be capable of processing person to account remittances,” it added.