IMPS offers 24X7 interbank electronic fund transfer services
The author is working as Asst General Manager , Catholic Syrian Bank and the views expressed are the personal opinion of the author. Author can be reached at jizpauls@gmail.com
ow would you feel if you receive a call at midnight from one of your friends staying in a different city asking you to transfer some money to his account to meet a medical emergency? Don’t panic or worry. If you have a will to help him , IMPS will provide you the way. This is in stark contrast to the olden days when you had to wait for days for receiving funds transferred through banks.
H
then handed over to me. I then had to go to the post office for sending the demand draft by registered post , where again I had to stand in queue. My brother would be receiving the draft on the fourth day or so and then will have to either skip the class or wait till next Saturday for depositing the draft to his account. Thus normally it would take more than a week for him to receive the amount, even after the amount has been paid by me.
I still remember my younger days , when my brother was studying in Mumbai and someone from my family would have to go the bank during the first week of every month for transferring the amount to his bank account in Mumbai for meeting his various expenses like tuition fees, hostel fees and of course his out of pocket expenses. Sometimes it was my duty to go to the bank for transferring funds and in such cases most part of my day was lost waiting in long queue for first remitting the money to the account and then waiting for the demand draft to be written , signed by two officers and
Payment and fund transfer options available to the bank’s customers have undergone a sea change during the recent years, thanks to the technology adoption by banks and the proactive role played by Reserve Bank of India. The introduction of RTGS and NEFT facility has made the fund transfer facility much faster and cheaper. But these fund transfer facilities can be used only if you walk into a bank branch. Moreover NEFT transactions are processed and settled in batches, hence are not real time. Also, the transactions can be done only during the working hours of the RTGS system. October 2012 UNIQUE TIMES 17