Andhra Bank launches IMPS for money transfer

Andhra Bank has launched Immediate Payment Service (IMPS) at all its branches in association with the National Payments Corporation of India (NPCI). A multi-channel, multi-dimensional platform, IMPS makes payments possible within fraction of seconds with all the standards and integrity maintained for security. The bank said that the IMPS has been enabled across all branches to provide inter-bank electronic fund transfer service “capable of processing person to account remittances.”

Noting that there is a rising customer need for instant fund remittances, the bank counted the IMPS launch among customer-friendly IT initiatives. On the advantages of the branch of IMPS module, the facility will be available round-the-clock unlike the NEFT, which is available only for limited hours. Under the IMPS, a real time instant fund transfer system for inter-bank remittances, the maximum cap of transaction will Rs.2 lakh. The charges will be at the rate of Rs.5 per transaction.

Andhra Bank

  • Andhra Bank has ranked No.1 in terms of number of Life Insurance Policies mobilised amongst all the agency banks dealing with the Life Insurance Corporation of India.
  • Andhra Bank has its Headquarters in Hyderabad, India.
  • Dr. Bhogaraju Pattabhi Sitaramayya founded Andhra Bank in 1923 in Machilipatnam, Andhra Pradesh.
  • IndiaFirst Life Insurance Company is a life insurance company in India. It is a joint venture between two of India’s public sector banks – Bank of Baroda (44%) and Andhra Bank (30%), and UK’s financial and investment company Legal & General(26%).

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