Banking Updates – Flash 4 – Funds transfer on Mobile : DAC Consulting.

2nd September 2011

Interbank Mobile Payment Service (IMPS)was launded for the public on 22nd November 2010 .

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 as follows

• Bank should be member of National Financial Switch (NFS) driven by NPCI
• Bank should have approval from RBI for Mobile Banking Service

Source: NPCI

• The author:  Dominic Christy  a professional banker for over 23 years  and  now VP and Chief consultant of DAC Consulting & Associates brings abundant expertise in Foreign exchange and Treasury Management,  Project finance and banking laws.
• In case of queries, write to dominic@dacconsulting.in.T
• The author invites requests from readers to suggest topic they may wish to have clarity on. Please visit us  at www.dacconsulting.in .