IMPS Limit Raised to 5 Lakh
The Reserve Bank of India has enhanced the per transaction limit through Immediate Payment Service from Rs 2 lakh to Rs 5 lakh in order to boost digital transactions (IMPS). The National Payments Corporation of India (NPCI) manages IMPS, which is a major payment system that allows for instant domestic funds transfers 24 hours a day, seven days a week. It can be accessed through a variety of channels, including internet banking, mobile banking apps, bank branches, ATMs, SMS, and IVRS. With RTGS now available 24 hours a day, IMPS settlement cycles have increased, lowering credit and settlement risks. This will result in an increase in digital payments and give clients with an extra facility for making digital payments beyond Rs 2 lakh, he said, adding that the relevant instructions will be released separately.