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The IMPS Limit has been increased from Rs 2L to Rs 5L.

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The IMPS Limit has been increased from Rs 2L to Rs 5L

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The Reserve Bank of India (RBI) has increased the Immediate Payment Service (IMPS) transaction limit from Rs 2 lakh to Rs 5 lakh. Through banking channels, IMPS provides quick domestic money transfer 24 hours a day, seven days a week.

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“It is suggested to increase the per transaction limit from Rs two lakh to Rs five lakh in view of the importance of the IMPS system and for increased customer convenience,” the RBI stated. The Reserve Bank of India has also recommended a framework for retail digital payments in offline mode across the country. This will extend the reach of digital payments even farther, providing new options for both consumers and companies. In August 2020, a programme to test technology that enable digital payments even in distant areas where internet access is either non-existent or limited was launched.

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