What is the full form of IMPS which is a payment mechanism?

Immediate Payment Services

The correct answer is option 1- Immediate Payment Services.

IMPS stands for Immediate Payment Service. It's an electronic fund transfer service in India that enables instant interbank transactions on a 24x7 basis throughout the year. It allows customers to transfer funds instantly from their bank accounts using mobile phones or internet banking. It's quite popular due to its convenience and speed.