IMPS :: Associate Co-operative Bank Ltd. commenced its banking operations in the year 2000 and it has come a long way since then. It is the youngest Co-operative Bank in Gujarat, last so licensed by RBI. It has been able to achieve highly impressive business growth over the years despite its comparative younger age Bank has succeeded in attaining business exceeding Rs. 86 Crore (Rs. Eighty Six Crore to be precise) as on 31st March,2012. Bank In due course, the bank has recently started two more branches one at Umarwada & the other at Sagrampura, Surat.

Associate Co-Op. Bank Ltd. Offers IMPS services to the customers where customers have to register one time for the service and shall in turn receive a unique MMID and MPIN to receive money from any person who have his/her MMID or a internet banking account or Mobile banking facility.

1. What is IMPS?

IMPS is an innovative real time payment service that is available round the clock. This service is offered by National Payments Corporation of India (NPCI) that empowers customers to transfer money instantly through banks and RBI authorized Prepaid Payment Instrument Issuers (PPI) across India.

2. What are the benefits of IMPS?

Instant
Available 24 x7 (functional even on holidays)
Safe and secure, easily accessible and cost effective
Channel Independent can be initiated from Mobile/ Internet / ATM channels
Debit & Credit Confirmation by SMS

3. What are the services available under IMPS?

Funds Transfer and Remittances

Sending Money Using Mobile number & MMID (P2P)
Sending MMoney Using Account number & IFS Code (P2A)

Receiving Money Using Mobile number & MMID (P2P)
Receiving Money Using Account number & IFS Code (P2A)

Services Offered under IMPS

1. P2P - IMPS offer an instant,24*7 interbank electronic fund transfer service capable of processing person to person, person to account and person to merchant remittances via mobile, internet and atms. It is a multichannel and multidimensional platform that make the payments possible within fraction of seconds with all the standards and integrity maintained for security required for even high worth transactions.

Sender & Receiver

Have to register for Mobile Banking & get a unique ID called “MMID”
Generation of MMID is a One-time process.
Remitter (Sender) transfer funds to beneficiary (Receiver) using Mobile no. & 7digit MMID of beneficiary.

2. P2A - is possible using Beneficiary account number and IFS code as well, in addition to Beneficiary mobile number and MMID.