RBI raises IMPS limit from ₹2 lakh to ₹5 lakh to promote digital transactions
The Hindu
IMPS provides 24x7 instant domestic funds transfer facility and is accessible through various channels like internet banking, mobile banking apps, bank branches, ATMs, SMS and IVRS..
In a bid to promote digital transactions, the Reserve Bank on Friday proposed to increase the per transaction limit from ₹2 lakh to ₹5 lakh through Immediate Payment Service (IMPS).
IMPS managed by the National Payments Corporation of India (NPCI) is an important payment system providing 24x7 instant domestic funds transfer facility and is accessible through various channels like internet banking, mobile banking apps, bank branches, ATMs, SMS and IVRS.
With RTGS now operational , there has been a corresponding increase in settlement cycles of IMPS, thereby reducing the credit and settlement risks.
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