IMPS stands for Immediate Payment Service in Indian banking system terminologies. It is a money transfer mechanism made available by the apex bank of the country, the Reserve Bank of India and the National Payments Corporation of India (NPCI). Initiated in 2010 by the NPCI with the help of a pilot project with 4 major banks, IMPS has now grown to 150+ banks.
The major feature of IMPS is that it is available at all times for usage. It transfers funds instantly and is a great banking platform in case of emergencies. The transaction charges of this platform are also very nominal and the transfer limit is also considerable, approximately Rupees 5 lakhs per day. Moreover, IMPS is available on mobile too which makes it super-convenient.