Loading page, please wait…
IMPS Transactions Surge: February 2024 Data (Rs 5.58 Trillion) - UPSC Economy
What is IMPS Transactions Surge: February 2024 Data (Rs 5.58 Trillion) in UPSC Economy?
IMPS Transactions Surge: February 2024 Data (Rs 5.58 Trillion) is a key topic under Economy for UPSC Civil Services Examination. Key points include: IMPS is an instant, 24/7 interbank electronic fund transfer service by NPCI.. It enables real-time money transfers using MMID/mobile number or account number/IFSC.. In February 2024, IMPS recorded 534.6 million transactions worth Rs 5.58 trillion.. Understanding this topic is essential for both UPSC Prelims and Mains preparation.
Why is IMPS Transactions Surge: February 2024 Data (Rs 5.58 Trillion) important for UPSC exam?
IMPS Transactions Surge: February 2024 Data (Rs 5.58 Trillion) is a Medium-level topic in UPSC Economy. It is tested in both Prelims (factual MCQs) and Mains (analytical answer writing). Previous year UPSC questions have frequently covered aspects of IMPS Transactions Surge: February 2024 Data (Rs 5.58 Trillion), making it essential for comprehensive IAS preparation.
How to prepare IMPS Transactions Surge: February 2024 Data (Rs 5.58 Trillion) for UPSC?
To prepare IMPS Transactions Surge: February 2024 Data (Rs 5.58 Trillion) for UPSC: (1) Study the comprehensive notes covering all key concepts on Vaidra. (2) Practice previous year questions on this topic. (3) Connect it with current affairs using daily updates. (4) Revise using key takeaways and mind maps available for Economy. (5) Write practice answers linking IMPS Transactions Surge: February 2024 Data (Rs 5.58 Trillion) to related GS Paper topics.
Key takeaways of IMPS Transactions Surge: February 2024 Data (Rs 5.58 Trillion) for UPSC
- IMPS is an instant, 24/7 interbank electronic fund transfer service by NPCI.
- It enables real-time money transfers using MMID/mobile number or account number/IFSC.
- In February 2024, IMPS recorded 534.6 million transactions worth Rs 5.58 trillion.
- IMPS is crucial for financial inclusion and a cashless economy, supporting everyday transactions.
- It forms the backbone for many UPI transactions, highlighting its foundational role in digital payments.
IMPS Transactions Surge: February 2024 Data (Rs 5.58 Trillion)
Medium⏱️ 8 min read
economy
📖 Introduction
Understanding Immediate Payment Service (IMPS)
The Immediate Payment Service (IMPS) is a revolutionary interbank electronic fund transfer system in India. It enables instant, 24/7, 365-day money transfers between bank accounts.
Launched by the National Payments Corporation of India (NPCI), IMPS has become a cornerstone of India's digital payment ecosystem. It facilitates real-time transactions, making financial services more accessible and efficient.
Key Features of IMPS:
- Instant Transfer: Funds are credited to the beneficiary's account immediately.
- 24/7 Availability: Operates round the clock, including holidays.
- Interbank Transfers: Supports transactions across various participating banks.
- Mobile-Centric: Often accessed via mobile banking apps, SMS, or internet banking.
Performance Snapshot: February 2024
IMPS continues to demonstrate robust growth and adoption across India. Its efficiency and accessibility contribute significantly to the volume of digital transactions.
In February 2024, IMPS recorded a substantial volume of transactions:
- Total Transactions: 534.6 million
- Total Value: Rs 5.58 trillion
These figures highlight the widespread reliance on IMPS for quick and secure fund transfers, underpinning its critical role in the economy.
How IMPS Works
IMPS transactions typically require the beneficiary's Mobile Money Identifier (MMID) and mobile number, or their bank account number and IFSC code. This flexibility makes it convenient for users.
UPSC Insight: Understand IMPS not just as a service, but as a critical infrastructure. Its 24/7 availability and instant nature are key differentiators from systems like NEFT and RTGS, especially for retail payments. Questions often compare these systems.
💡 Key Takeaways
- •IMPS is an instant, 24/7 interbank electronic fund transfer service by NPCI.
- •It enables real-time money transfers using MMID/mobile number or account number/IFSC.
- •In February 2024, IMPS recorded 534.6 million transactions worth Rs 5.58 trillion.
- •IMPS is crucial for financial inclusion and a cashless economy, supporting everyday transactions.
- •It forms the backbone for many UPI transactions, highlighting its foundational role in digital payments.
🧠 Memory Techniques
95% Verified Content
📚 Reference Sources
•Reserve Bank of India (RBI) annual reports and press releases
•Ministry of Finance reports on digital payments
•Press Information Bureau (PIB) releases regarding financial statistics