The Immediate Payment Service (IMPS) is a pioneering initiative in India’s banking sector, designed to provide instant, 24×7, real-time interbank electronic fund transfers and launched on November 22, 2010, by Smt. Shyamala Gopinath, Deputy Governor of the Reserve Bank of India (RBI), IMPS was developed by the National Payments Corporation of India (NPCI) to address the limitations of traditional fund transfer systems such as NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement), which were only available during banking hours. With IMPS, customers can transfer funds anytime, including weekends and holidays, making it a game-changer for individual users and businesses.