Private sector lender, Federal Bank has introduced the interbank mobile payment service (IMPS) for easy fund transfer facility to its customers.
The facility has been launched under the umbrella of National Payments Corporation of India (NPCI). NPCI is a non profit organization backed by Reserve Bank of India.
Fund transfer through IMPS takes place via National Electronic Fund Transfer (NEFT).
The inauguration of the new facility was done by Malayalam Film Star Dileep in the presence of the Federal Bank Managing Director and Chief Executive Officer, Mr Shyam Srinivasan and the NPCI Chief Operating Officer, Mr M. Balakrishnan.
Also priority banking customers as well as top executives of the bank were present on the occasion.