Transferring money online? Here’s everything you need to know about IMPS, NEFT, RTGS and more
Zee News
The National Payments Corporation of India is in charge of the Immediate Payment Service (IMPS).
New Delhi: The Reserve Bank of India (RBI) recently increased the Immediate Payment Service (IMPS) transaction limit from Rs 2 lakh to Rs 5 lakh. This measure has been announced in order to make large-scale fund transfers more accessible.
“Immediate Payment Service (IMPS) offers instant domestic funds transfer facility 24×7 through various channels. In view of the importance of the IMPS system and for enhanced consumer convenience, it is proposed to increase the per-transaction limit from Rs 2 lakh to Rs 5 lakh," RBI Governor Shaktikanta Das had said on October 8 this year.
The National Payments Corporation of India is in charge of the Immediate Payment Service (IMPS) (NPCI). It is a payment technique that allows for instant domestic financial transfers 24 hours a day, seven days a week. Internet banking, mobile banking apps, bank branches, ATMs, SMS, and IVRS are just few of the ways to use IMPS.
