Banking · Payment Systems

Regarding Electronic Clearing Systems in India, consider the following statements: I. Immediate Payment Service (IMPS), an NPCI product, enables instant, 24x7 interbank fund transfer via mobile and internet banking. II. The National Automated Clearing House (NACH) is primarily used for bulk, repetitive payments like salaries, pensions, and utility bill collections. III. Both RTGS and NEFT are Gross Settlement systems operated by the RBI. Which of the statements given above is/are correct?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

Correct answer

I and II only

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