Which of the following are objectives of Immediate Payment Service (IMPS)? A. To enable bank clients to use mobile instruments as a channel for accessing their bank accounts and remit funds B. To build the foundation for a full range of mobile based banking services. C. To sub-serve the goal of Reserve Bank of India (RBI) in digital payments. D. To make payments simpler with the mobile number of the baneficiary E. To restrain a nation-wide payment system facilitating one-to-one funds transfer Choose the most appropriate answer from the option given below:
A, B, C and D Only
Understanding Immediate Payment Service (IMPS) Objectives
Immediate Payment Service (IMPS) is a real-time fund transfer system that allows instant money transfer between bank accounts across India. It is available 24x7, including holidays. Let's analyze each statement to determine which are true objectives of IMPS.
Analysis of Each Statement
- Statement A: To enable bank clients to use mobile instruments as a channel for accessing their bank accounts and remit funds.
This is a core objective of IMPS. IMPS was designed specifically to leverage mobile banking for transferring funds instantaneously. It allows users to access their accounts and initiate transfers using their mobile phones.
- Statement B: To build the foundation for a full range of mobile based banking services.
By providing a robust and real-time fund transfer mechanism through mobile, IMPS serves as a critical building block for developing and offering various other mobile banking services beyond just transfers, such as bill payments, merchant payments, etc. Thus, this is also a valid objective.
- Statement C: To sub-serve the goal of Reserve Bank of India (RBI) in digital payments.
The Reserve Bank of India (RBI) has been actively promoting digital and less-cash transactions in the economy. IMPS, being a fast, reliable, and accessible digital payment system, directly contributes to achieving RBI's objectives of increasing the adoption of digital payments across the country. This statement is correct.
- Statement D: To make payments simpler with the mobile number of the beneficiary.
IMPS facilitates fund transfers using various identifiers, including the beneficiary's mobile number linked with their MMID (Mobile Money Identifier). This method significantly simplifies the process of sending money compared to needing the full bank account number and IFSC code for every transaction. This is a clear objective.
- Statement E: To restrain a nation-wide payment system facilitating one-to-one funds transfer.
The word "restrain" means to hold back or control. IMPS does not restrain such a system; it *is* a nation-wide, real-time payment system that facilitates one-to-one fund transfers. Therefore, this statement is incorrect as an objective.
Summary of Correct Objectives
Based on the analysis, the correct objectives of Immediate Payment Service (IMPS) are statements A, B, C, and D.
| Statement | Is it an Objective of IMPS? | Reasoning |
|---|---|---|
| A | Yes | Enables mobile fund transfers. |
| B | Yes | Foundation for mobile banking services. |
| C | Yes | Supports RBI's digital payments goal. |
| D | Yes | Simplifies payments using mobile number/MMID. |
| E | No | IMPS is the system, not restraining it. |
Conclusion
The objectives of IMPS include enabling mobile banking for fund transfers, building the foundation for wider mobile banking services, supporting RBI's digital payments initiative, and simplifying payments using identifiers like the mobile number. Statement E incorrectly uses the term "restrain".
Thus, the correct combination of objectives is A, B, C, and D.
Revision Table: IMPS Objectives
| Statement | Description | Validity as IMPS Objective |
|---|---|---|
| A | Mobile access and fund remittance | Correct |
| B | Foundation for mobile banking | Correct |
| C | Support RBI digital payments goal | Correct |
| D | Simpler payments (mobile number) | Correct |
| E | Restrain nationwide fund transfer system | Incorrect |
Additional Information: About IMPS
Immediate Payment Service (IMPS) is managed by the National Payments Corporation of India (NPCI). It provides an interbank electronic fund transfer service through mobile phones and other channels like internet banking and ATMs. Key features include:
- Real-time: Funds are transferred instantly.
- 24x7 Availability: Works round the clock, every day of the year.
- Accessibility: Available via mobile banking apps, SMS banking, internet banking, etc.
- Identifiers: Transfers can be done using Mobile Number & MMID, Account Number & IFSC, or Aadhaar Number.
- Security: Transactions are secure and require authentication.
IMPS plays a vital role in India's digital payment ecosystem, offering a fast and convenient way for individuals and businesses to transfer funds immediately.
Important Questions from Mobile Banking
Mobile Money Identifier is a ________ digit code issued by banks to their customers.
Which three of the following types of cyber attacks may occur in the process of mobile banking?
a) Backdoor attack
b) Front door attack
c) Denial of service attack
d) Direct access attack
Choose the correct option from those given below:
The minimum capital requirement for a life insurance company in India is :
Universal banks that function as investment banks in India are regulated by :
Which of the following refers to default-risk intermediation?
