In emergency? Need money? This service will help you get it fast - any time, anywhere

There are many times when we find ourselves trapped in an emergency and out of cash. It could be a medical emergency or something else. While you have the option of asking any of your friends or relatives, but because of non-banking hours or, maybe a holiday, it was always difficult in the past for them to transfer the money to you. But thanks to a government-backed initiative, getting money transferred - anytime, anywhere - is not difficult anymore. Approved by the Reserve Bank of India (RBI) and started by a government agency, Interbank Mobile or the Immediate Payment System(IMPS), has left all the online fund transfer hassles behind. You no longer need to depend on "bank working hours" and, literally, get money transferred to you 24x7. Here are some features of IMPS that you need to know:

- Instant transfer: The service empowers customers to make instant online funds transfer. Just enter the details and transfer money within seconds.

- Works 24x7: Yes. Even on Sundays and holidays. In a situation such as the one mentioned in the beginning, a person can transfer money to whoever he wants within seconds. So, now no more sulking over long weekends and bank holidays.

Works on any device: An IMPS can be initiated using:

Internet banking 
ATM
Smartphone
Basic mobile phone

Flexible: You can either use the payee’s Account Number and IFSC or his MMID and Mobile number to make the payment.

Secure, accessible, flexible, cost-effective:
Secure with OTPs and MPINs

Accessible, as it can be done using any device

Cost-effective, as it charges nominally for making your payments as per your wish.

India is among one of few countries of the world where IMPS service is available, which helps transfer funds 24x7 and 365 days. "Besides the helping transfer funds 24X7 and 365 days literally, it puts India on the global map by making India one of the very few countries which have such a facility," says NPCI in a blog post.