The Reserve Bank of India (RBI) on Friday said that the limit to transfer money under Immediate Payment Service (IMPS) has been increased from ₹2 lakh to ₹5 lakh. The announcement was made by RBI governor Shaktikanta Das at a press briefing on the monetary policy committee outcomes.
The central bank kept key interest rates (repo and reverse repo) steady at record lows.
"Immediate Payment Service Transaction Limit to be increased from ₹2 Lakh to ₹5 Lakh considering importance of IMPS, which enables instant domestic 24*7 fund transfer and to enhance consumer convenience," Das said at the press conference.
"This will lead to further increase in digital payments and will provide an additional facility to customers for making digital payments beyond ₹2 lakh," he added.
IMPS is an instant interbank electronic fund transfer service which can be accessed through mobile phones, internet banking, bank branches, ATMs, SMS and IVRS. IMPS is an important payment system providing 24x7 instant domestic funds transfer facility.
The ₹2 lakh limit was introduced by the RBI in January 2014. This was, however, other than the SMS and IVRS channels.
{{/usCountry}}The ₹2 lakh limit was introduced by the RBI in January 2014. This was, however, other than the SMS and IVRS channels.
{{/usCountry}}The per-transaction limit for SMS and IVRS channels is ₹5000.
In a bid to promote payments through digital means, the government has been taking a number of initiatives to make payments systemts like IMPS attractive.