Explanation:

Immediate Payment Service (IMPS) is an instant payment inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. Unlike NEFT and RTGS, the service is available 0800 hours to 2000 hours throughout the year including bank holidays.It is managed by the National Payments Corporation of India (NPCI) and is built upon the existing National Financial Switch network.Around 200 million IMPS transactions amounting to roughly 20 billion dollars of transaction amount happen every month in India.The sender requires to know the bank account number and the Indian Financial System Code of the beneficiary to transfer money.