State run lender Canara Bank sponsored Regional Rural Banks today launched Immediate Payment Service (IMPS). The IMPS is an unique interbank remittance processing service offered by National Payments Corporation of India (NPCI). This service offers instant, 24X7, interbank electronic fund transfer through mobile, internet and ATM.
With this, Bank account holders of any IMPS P2A enabled bank can send and receive money 24 x 7 x 365 via IMPS to/from PKGB & KGB using Account No. and IFS Code of beneficiary.
Pragathi Krishna Gramin Bank (PKGB), headquartered in Ballari, with jurisdiction over 11 districts, and Kerala Gramin Bank (KGB), the only RRB in Kerala state having presence in all the 14 districts will be among the first two Regional Rural Banks in the country to offer the IMPS P2A service both as a beneficiary and remitter.
Balachandran, Chairman, NPCI, AP Hota, MD&CEO, NPCI, Pradyuman Singh Rawat, Executive Director, Canara Bank, SS Bhat, Chief General Manager, Canara Bank, KV.Shaji, Chairman- Kerala Gramin Bank and JC Das, General Manager, NABARD were present at the launch function.
“IMPS has been increasingly serving people’s quench for electronic transaction through its instant money transfer service feature. This service is exceptionally accepted by all strata of customers across rural and urban regions in the country, fulfilling their concerns by providing easy and secure transactional features, with an aim to achieve country’s much-needed financial inclusion objective,” Hota said.
Speaking about the new service of their RRBs, Bhat said, “Canara Bank is proud to support the RRBs in offering this service to their customers which is going to be a great help to the rural population and especially the migrant workers who want to transfer the funds to their distant relatives.”
On behalf of RRBs, he also hailed the cooperation received from NPCI for implementation of various products in their sponsored RRBs who are frontrunners in implementing all the new initiatives.
KV Shaji, Chairman, Kerala Gramin Bank said, “In Kerala, the mobile users are very high as compared to other states and our bank has around 40,000 mobile banking customers which is going to increase upto 1 lakh in coming days. With IMPS, our customers will get another channel for fund transfer which will be available 24x7x365.”