The growth and growth of India’s NPCI’s IMPS (Immediate Payment Service)

          5 years back the first baby steps were taken by NPCI’S IMPS to introduce a new Instant payment channel to Indians.

          The new instant payment channel was christened as IMPS (Immediate Payment Service)

The highlights over the last 5 years are as under:

Sr No	Highlight	Month
01	SBI, ICICI Bank, Bank of India and UNPCI’s IMPS on Bank of India were the first set of participants in the pilot run	June 10
02	IMPS opened to the public by Smt.Shyamala Gopinath, Deputy Governor, RBI         with customers of with seven banks - Axis Bank, Bank of India, HDFC Bank,ICICI Bank,State Bank of India, UNPCI’s IMPS on Bank of India and Yes Bank able to experience the joy of the new Payment Channel	Nov 10
03	Dombivli Nagari Sahakari Bank joins IMPS. This is the first cooperative bank to join IMPS	April 11
04	IMPS-Merchant Payment Service launched. Kotak Mahindra Bank and UNPCI’s IMPS on Bank of India were the first pioneers in IMPS_MPS	Dec 11
05	IMPS through ATM channel launched with Canara Bank and UNPCI’s IMPS on Bank of India taking the first steps in this path.	Feb 12
06	A new channel introduced for IMPS transfers i.e through Account Number and IFS Code. Till July 12, RTGS and NEFT were the sole payments channels which relied on Account Number and IFS Code	July 12
07	PPI Issuers understand the benefits of NPCI’S IMPS  and express interest to join the NPCI’S IMPS  channel.  Oxigen Services (India) Pvt Ltd as a RBI authorized Prepaid Payments Instrument Issuer (PPI) takes the lead.	Apr 13
08	The scope of "Aadhaar – IMPS” was showcased to the entire nation through a National Conference, inaugurated by Shri Nandan Nilekani, Chairman UIDAI	Aug 13
09	Century scored with 8 Banks and one PPI joining  the NPCI’S IMPS  ecosystem in June 15	June 15