Per transaction limit increased from 2 lakhs to 5 lakhs.
Last week, Reserve Bank of India Governor Shaktikanta Das, while announcing the monetary policy, increased the IMPS limit per transaction from Rs 2 lakh to Rs 5 lakh. Regarding this decision, RBI said that this will help in increasing digital transactions, as well as make it easier for them to do transactions of value more than 2 lakhs. RBI also said that this will give additional convenience to the customers.
IMPS i.e. Immediate Payment Service is a very important service for digital banking. This facility is available for 24 hours. It is used for domestic fund transfer. The facility of IMPS is available on Internet Banking as well as Mobile Banking, Bank Branches and ATMs, SMS, IVRS. With its help, it is very easy to do transactions. This option is most commonly used for online transactions. According to the RBI report, IMPS transaction value has crossed 32 trillion (32 lakh crore) in 2021, while NEFT transactions were 29 lakh crore during this period.
RTGS service available for 24 hours
Regarding why the Reserve Bank decided to increase the limit of IMPS transactions, Adil Shetty, CEO of Bank Bazaar said that now RTGS i.e. Real Time Gross Settlement has been implemented for 24 hours. Apart from this, the average IMPS settlement time has also declined. This is the reason why the Reserve Bank decided to increase the limit of IMPS.
Now online transaction more secure
Shetty also said that if its limit has been increased, it means that high value digital transactions are now more secure than before. RBI wants to ensure that transactions with the help of mobile banking and internet banking are completely secure. This has increased the confidence of the customers and is helping in the Digital India movement.
What is IMPS service
IMPS means Immediate Mobile Payment Service. In simple words, through IMPS, you can send money to any account holder anywhere, anytime. There is no restriction on the time of sending money in this. You can transfer money through IMPS in a matter of seconds anytime, 24 hours a day, seven days a week. Internet is required for facilities like RTGS, NEFT or IMPS. If you do not have a computer or laptop, then you can also run the work from a smartphone which has internet facility.
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