Pragathi Krishna Gramin Bank & Kerala Gramin Bank, RRBs sponsored by Canara Bank have launched the IMPS service for their customers. The banks have gone live on IMPS platform using account No. & IFS Code (P2A- Person to Account No.).

With this, Bank account holders of any IMPS P2A enabled bank can send and receive money 24 x 7 x 365 via IMPS to/from PKGB & KGB using Account No. and IFS Code of beneficiary. Immediate Payment Service (IMPS) is an unique interbank remittance processing service offered by National Payments Corporation of India (NPCI). This service offers instant, 24X7, interbank electronic fund transfer through mobile, internet and ATM.

Speaking about the new service of their RRBs, S.S.Bhat said, ''Canara Bank is proud to support the RRBs in offering this service to their customers which is going to be a great help to the rural population and especially the migrant workers who want to transfer the funds to their distant relatives. On behalf of RRBs, he also hailed the cooperation received from NPCI for implementation of various products in their sponsored RRBs who are frontrunners in implementing all the new initiatives.''

Shares of the bank gained Rs 0.05, or 0.02%, to settle at Rs 293.10. The total volume of shares traded was 140,097 at the BSE (Wednesday).