The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) upped the daily limit for Immediate Payment service (IMPS) transactions from Rs 2 lakh to Rs 5 lakh. The goal of this action is to provide consumers with a larger quantity of fast domestic money transfers. RBI governor Shaktikanta Das made the news at a press conference.

IMPS provides quick domestic money transfers through a variety of channels 24 hours a day, 7 days a week. The per transaction limit was raised from Rs 2 lakh to Rs 5 lakh to reflect the importance of the IMPS system and to improve user convenience. The government has been encouraging digital payments by implementing a variety of steps, such as raising the IMPS limit. It is one of the most widely utilised banking services for real-time money transfers.

Mobile phones, online banking, bank branches, ATMs, SMS, and IVRS are all ways to use the IMPS service. This service enables for fast money transfers between banks in India, which is not only safe but also cost-effective.

The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) initially established the Immediate Payment service (IMPS) in 2010. The RBI imposed a Rs 2 lakh restriction on transactions made using the immediate interbank electronic money transfer mechanism in january 2014.

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RBI

Kailas Ashwin Sathish

08/10/2021 05:20 PM