IMPS Maximum Transaction Limit increased by RBI, 2 Lakh to 5 Lakh Rupees increased, Good News to Online banking Users from RBI and National Payments Corporation of India...
RBI increased the limit on IMPS transactions used for instant payment and money transfer services online. At present, it can be transferred up to a maximum of Rs 2 lakh through IMPS. From today it has increased to Rs 5 lakh. The Reserve Bank of India (RBI) has taken this crucial step toward promoting digital transactions. This was disclosed by RBI Governor Shaktikanta Das on Friday.
IMPS, owned by NPCI – National Payments Corporation of India, is the most important payment system in Indian banking transactions. It is used to send money from one account to another account in seconds. The 24-hour service of IMPS was first launched in 2010. From onward January 2014, the maximum limit for IMPS transactions was fixed at Rs 2 lakh. Raising this limit after 7 years that is now.
IMPS Maximum Transaction Limit
In view of the importance of IMPS services, RBI was raising the limit on these transactions from Rs 2 lakh to Rs 5 lakh to provide more convenient services to the customers. RBI believes the decision will further increase digital payments and make it easier for customers as well. RBI sources said official orders were issued to the banks soon.
- IMPS Maximum Transaction Limit up to now 200000.
- Revised new IMPS Max money Transaction Limit 50000.
- IMPS Charges to the increased limit will notify soon.
I think it will give a boost to the digital transactions in banking in the Country. The Reserve Bank of India (RBI) is stepping toward making the offline payment system available across India. This will soon enable digital payments even in areas where the internet is not available. The RBI governor announced that he would announce action on this soon.