Answers

2016-03-30T23:18:22+05:30
IMPS is immediate payment system. Money is transferred real time. It can be done based on either mobile number or account number alongwith other unique identifiers. NEFT is net electronic fund transfer. By and large for inter bank transfers based on account number. Banks settle (i.e. arrive at net receivable or credit amount) each other every few hours.
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