Immediate Payment Service (IMPS)

Sat, 16 May 2026 00:00:00 +0000

The Immediate Payment Service (IMPS) is a 24x7x365 real-time inter-bank electronic funds-transfer service operated by the National Payments Corporation of India (NPCI). IMPS provides retail customers with the ability to transfer funds between bank accounts on an immediate basis (typically within seconds), including on weekends, public holidays, and outside conventional banking hours, distinguishing it from the legacy NEFT and RTGS rails that historically operated on banking-hour schedules.

IMPS was launched by NPCI on 22 November 2010, marking a structural milestone in the Indian retail-payment ecosystem. The service was launched with seven participating member banks and has progressively grown to include the substantial majority of Indian scheduled commercial banks, cooperative banks, regional rural banks, and small finance banks. As of 2026, IMPS processes approximately 600 to 700 million transactions per month with a transaction value exceeding Rs 8 lakh crore monthly.

Inter-Bank Transfers on WebNotes

Immediate Payment Service (IMPS)