Transfer of funds through Immediate Payment Service (IMPS) crossed a whopping Rs 3.23 lakh crore in April-June quarter of 2018-19, which is almost double the amount recorded in the year-ago period. Different banks have different limits for daily and monthly fund transfer through IMPS.
IMPS offers an instant, round-the-clock interbank electronic fund transfer service that can be accessed through multiple channels like mobile, internet, ATM, SMS, Branch and USSD (*99#). As per the data of National Payments Corporation of India (NPCI), Rs 3,23,826.79 crore was transferred through IMPS during the first quarter 2018-19.
The figure stood at Rs 1,74,419.45 crore during April-June, 2017-18. The data also showed that a total of 34.66 crore IMPS transactions took place in the reported quarter as compared to 19.76 crore in the June quarter of 2017-18.
As per NPCI data, the number of transactions through IMPS crossed 10 crore mark in March 2018 and touched a high of 12.04 crore in June. IMPS was launched in November 2010. Earlier, only NEFT and RTGS were available to user for fund transfer during banking hours. Electronic fund transfers and digital payments have gained traction post demonetisation in November 2016.
The decision had led to a massive cash shortage and banks had restricted withdrawals, both from the branches as well as ATMs for some months. Fund transfer through IMPS was Rs 32,480.53 crore in November 2016 and has kept on rising since then.
