<h1>NPCI Launches IMPS with Seven Banks for Mobile Fund Transfers; Free Until March 31, 2011; Charges Apply Thereafter.</h1> The National Payment Corporation of India (NPCI) introduced the Interbank Mobile Payment Service (IMPS) with seven banks, including State Bank of India and ICICI Bank. This service enables fund transfers between different banks via mobile phones. Initially, NPCI will offer this service free to member banks until March 31, 2011, after which a switching fee of Rs. 0.25 per transaction will apply. Member banks may charge customers based on their policies, though currently, the service is free for customers. This information was shared by the Minister of State for Finance in response to a parliamentary query.