RTGS Closed on 01/04/2011. NEFT Closed on 01/04/2011

Warning: Information on this page expires on 01/04/2011
Under the Negotiable Instruments Act 1881, 01/04/2011 is a holiday across India

Federal Bank - IMPS live

Federal Bank  - IMPS live

Federal Bank, has joined IMPS on 15/02/2011 with a soft launch and by 7^th march 2011, has gone live for a public launch.

This is a very fast TAT. Normally, if you observe, the gap between the Soft Launch and the Public Launch is at least a month. oH However, Federal Bank could shorten the average TAT.

The details can be accessed @

http://www.federalbank.co.in/General_ProductandServices_Inter-bankMobilePaymentSyst.aspx

For the time being, it is a plain vanilla product. However, 1 additional feature is that the Federal Bank customers can transfer funds on the IMPS Channel via the SMS Mode too and not be dependent on the Mobile Banking Application.

This is a good option.

Canara Bank joins IMPS with soft launch

Canara Bank joins IMPS with soft launch

This is a bit exciting news. Canara Bank has a wide branch network of 3200+ branches. This wide network of branches should be able to boost the IMPS volumes. However, a bit of innovative marketing from Canara Bank field staff will enable this job to be achieved soon.

Canara Bank was born in 1906, was nationalized in 1969. It was the first public sector bank to join the MasterCard ATM Network way back in 2000.

Canara Bank sponsors 3 Regional Rural Banks (RRB’s)  - Pragathi Gramin Bank, Karnataka, South Malabar Gramin Bank, Kerala, and Shreya Gramin, Uttar Pradesh.

Recently it has engaged Wipro to implement a Core Banking Solution for the above 3 RRB’s. The 3 RRB’s have a combined branch network of 900 branches. And the day is not far off, when this 3 RRB’s will be access to the ATM’s/RTGS/NEFT channels via Canara Bank.

Of course, IMPS too is also a possibility.

Development Credit Bank joins IMPS with soft launch

The history of DCB is worth knowing. It is actually an amalgamation of few Co-operation Banks, which finally resulted in into a joint stock banking company, the Development Credit Bank Limited on May  31, 1995.

In the 1990s there were about 1400 co-operative banks in India and a few of these co-operative banks were given permission by RBI to convert into scheduled commercial banks. Development Co-operative Bank was one of   11 such banks that converted themselves into scheduled commercial banks. 

The Chief promoter of DCB is The Aga Khan Fund for Economic Development (AKFED) holds over 23% stake.  

I see immense potential for DCB customers via the IMPS module, as this will open up a new channel for funds transfer.

Kotak Mahindra Bank – IMPS

Kotak Mahindra Bank – IMPS

Kotak Mahindra Bank which joined IMPS with a soft launch on 07/01/2011 has gone for the commercial launch on 04/03/2011.

At present, there is no any exclusive feature of the Kotak – IMPS Product, which acts as a differentiator. The basic features of NPCI-IMPS are offered. Of course, in the feature, some unique feature might be introduced.

The Link is @

http://www.kotak.com/bank/personal-banking/convenience-banking/imps.html

The current charges are NIL i.e free to Kotak’s customers.