Bank branches have always been a popular channel for interbank funds transfer amongst the customers who give instructions to banks for doing the transactions. These transactions were usually done through NEFT. However, in order to leverage the availability and reach of the branches, IMPS has been made available on Bank Branch as one of the additional channels for transactions. FinMOBICONNECT helps member banks to offer the facility of Instant Fund Transfer to their customers at the branches. Also, it can assist bank branches to work on weekends and after NEFT settlement hours. IMPS currently offer P2P, P2A.
Under this facility customers can approach any of the bank branches and request for instant fund transfer. IMPS facility allows customers to instantly transfer funds to any other bank account.
Currently majority of the interbank fund transfer transactions are channelized through National Electronic Fund Transfer (NEFT) or Real-Time Gross Settlement (RTGS) mechanisms. Under NEFT, the transactions are processed and settled in batches, hence are not real time. While RTGS transactions are for amounts greater than 2 lacs in India, hence generally used for business purposes.
The Malad Sahakari Sahakari Bank Ltd is registered with DICGC