The Reserve Bank has increased the limit for transactions done through IMPS. Now instead of Rs 2 lakh, you can transfer Rs 5 lakh in a day. That is, now it has become easier to transfer funds online.
“Recognizing the importance of IMPS in domestic payments and transactions, it has been decided to increase its transaction limit from Rs 2 lakh to Rs 5 lakh,” the Reserve Bank said. RBI said that increasing the limit of IMPS will increase digital payments.
RBI has taken this decision for the convenience of the customers. Now the timing of RTGS has become 24X7 i.e. you can transfer funds online through RTGS at any time.
IMPS i.e. Immediate Payment Service is an important part of National Payments Corporation of India (NPCI). Through this, funds transfer can be done 24X7. Apart from internet banking, fund transfer is done through mobile banking apps, bank branch, ATM, SMS and IVRS. However, the daily transaction limit increased by RBI will not be applicable on SMS and IVRS. Only 5000 rupees can be transferred through SMS and IVRS.
Meanwhile, on Friday, RBI decided not to make any changes in monetary policy for the eighth time in a row. Repo rate remains unchanged at 4% and reverse repo rate at 3.35%.
