Andhra Bank launches immediate payment service

Andhra Bank has launched Immediate Payment Service (IMPS) at all its branches in association with the National Payments Corporation of India (NPCI).

IMPS makes payments possible within fraction of seconds with all the standards and integrity maintained for security, a release from the bank on Tuesday said. IMPS has been enabled across all branches to provide inter-bank electronic fund transfer service “capable of processing person to account remittances.”

IMPS, unlike NEFT, will be available round the clock. Under IMPS, a real time instant fund transfer system for inter-bank remittances, the maximum cap of transaction will Rs. 2 lakh.