Private sector lender, Kotak Mahindra Bank has also incorporated the Interbank Mobile Payment Service (IMPS).
With the introduction of this facility, customers will be able to avail 24X7 instant fund transfer facility thereby enabling immediate credit receipt, said the bank.
IMPS has been introduced under the umbrella of National Payment Corporation of India (NPCI), Mumbai.
"IMPS is India's first instant, real-time, 24x7 funds transfer facility in the retail payment sector. With the explosion of mobile penetration in the country, this service is set to benefit all banking customers at large. The service is very easy to use, comes without any charges, and is yet another endeavour to provide simple and easy financial solutions to our customers," Kotak Mahindra Bank Executive Vice President Shalini Mehta said.