In the context of banking sector of India, what is the full form of IMPS?

This question was previously asked in
SSC CHSL Previous Paper 11 (Held On: 1 Jul 2019 Shift 3)
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  1. Instant Payment Sector
  2. Immediate Payment Service
  3. Immediate Payment Sector
  4. Instant Payment Service

Answer (Detailed Solution Below)

Option 2 : Immediate Payment Service
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The correct answer is option 2, i.e. Immediate Payment Service.

  • Immediate Payment Service is an instant payment inter-bank electronic funds transfer system in India.
  • It was founded on 22 November 2010.
  • National Payments Corporation of India is the owner of this system.
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