Mumbai : The Reserve Bank of India (RBI) on Friday announced enhancement of the transaction limit in Immediate Payment Service (IMPS) to Rs. 5 lakh from the existing Rs. 2 lakh.
“Immediate Payment Service (IMPS) offers instant domestic funds transfer facility 24×7 through various channels. In view of the importance of the IMPS system and for enhanced consumer convenience, it is proposed to increase the per transaction limit from ₹2 lakh to ₹5 lakh” said RBI Governor Shaktikanta Das during his monetary policy speech.
IMPS provides robust & real time fund transfer which offers an instant, 24X7, interbank electronic fund transfer service that could be accessed on multiple channels like Mobile, Internet, ATM, SMS. IMPS is an emphatic service which allow transferring of funds instantly within banks across India which is not only safe but also economical. Currently on IMPS, 639 members are live which includes banks & PPIs. This facility is provided by NPCI through its existing NFS switch.