Using IMPS, customers can transfer money from one bank account to another provided that both sending and receiving banks are IMPS member banks. Additionally, IMPS supports channels including mobile banking, internet banking and ATM. For IMPS transactions, NPCI provides the central switching, clearing and settlement service.
The National Payments Corporation of India (NPCI) is the umbrella organization of retail payment systems in India and is set up by the banks in India with the support and guidance from Reserve Bank of India and Indian Banks’ Association. The organization builds central infrastructure for payment systems including ATM switching, mobile payments, cheque truncation system, POS switching, 24/7 remittance system and financial inclusion transactions.
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