Kotak Mahindra Bank launches interbank mobile payment service

Customers to enjoy 24*7 instant funds transfer

PTI | March 24, 2011



Kotak Mahindra Bank today launched Interbank Mobile Payment Service (IMPS) for its customers.

With this facility, customers will enjoy 24x7 instant funds transfer, thereby enabling the beneficiary to avail of the credit immediately, the lender said in a statement.

Kotak Mahindra Bank is among leading Indian banks that offer this service, which is powered by National Payment Corporation of India (NPCI), Mumbai. NPCI is the umbrella organisation for all retail payment systems in India and governs the modalities of the IMPS payments.

"IMPS is India's first instant, real-time, 24?7 funds transfer facility in the retail payment sector. With the explosion of mobile penetration in the country, this service is set to benefit all banking customers at large. The service is very easy to use, comes without any charges, and is yet another endeavour to provide simple and easy financial solutions to our customers," Kotak Mahindra Bank Executive Vice President Shalini Mehta said.

 

Comments

 

Other News

Consumer Justice at a Crossroads

Over the past four decades, India`s consumer protection landscape has undergone a remarkable transformation. What began with the Consumer Protection Act, 1986 as a simple mechanism to empower ordinary citizens has evolved into a comprehensive framework capable of addressing challenges ranging from mislea

Doctors, experts call for ban on junk food ads, mandate warning labels

More than 30 doctors, medical scientists and public health professionals have urged the government to take decisive action against the aggressive advertising and marketing of junk food, calling for a watershed ban on advertisements for foods high in fat, sugar and salt (HFSS) and ultra-processed foods (UPF

Asiatic Lion population rises from 523 in 2015 to 891 in 2025

On World Lion Day 2026, environment, forest and climate change Minister  Bhupender Yadav celebrated India’s remarkable journey in lion conservation and reaffirmed the country’s unwavering commitment to protecting wildlife and biodiversity.   In a post on soc

Railways imposed ₹5.13 crore fine for food quality and hygiene violations

Indian Railways serve about 58 crore meals every year on an average. About only 0.0008% food quality related complaints are received on average. Based on complaints during the last three years, appropriate penal actions have been taken by IRCTC. Such actions include imposition of fines amounting to ₹5.13

STHAVAR: Why every Indian built asset needs a permanent digital identity

India has built digital systems for identity, payments, taxation, documents, logistics and public services. State governments, ministries, infrastructure agencies and urban local bodies have also created portals for land records, building permissions, project monitoring, property taxation and municipal s

Saksham Skill census identifies 22,000 job-ready candidates in one Mumbai ward

A first-of-its-kind AI-enabled skill census conducted in Mumbai`s H-West Ward has identified a potential livelihood pipeline of nearly 22,000 candidates, generated over 32,000 provisional job matches while revealing that 71.2 per cent of surveyed homemakers are willing to join the workforce, according to

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter