Federal Bank is extending IMPS (Interbank Mobile Payment Service) to its Internet banking customers from March 20, 2012. This real time funds transfer facility is offered in association with National Payment Corporation of India (NPCI). At present in India, much of inter-bank funds transfer transactions are through NEFT (National Electronic Funds Transfer) mechanism and under NEFT mechanism the transactions are processed and settled in batches from 9 a.m. to 7 p.m. so these are not real time based solution.
In the new scheme launched by Federal Bank, a customer can transfer funds in real time through Internet banking from his/her bank account to any another bank account which comes under IMPS framework. A customers can use FedNet (Federal Bank Internet Banking Service) as a channel for accessing their bank accounts and transferring funds. The service is offered 24x7x365 without any restriction on timings. Customers can transfer up to Rs 50,000 daily and up to Rs 2 lakh in a month, a press release said.