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Since 2014, the per-day transaction limit for IMPS was capped at Rs 2 lakh. But now the central bank has increased the limit to Rs 5 lakh.
The Reserve Bank of India (RBI) on Friday increased the daily limit of Immediate Payment Service (IMPS) transactions of National Payments Corporation of India (NPCI) from Rs 2 lakh to Rs 5 lakh. RBI Governor Shaktikanta Das said the increased limit for the digital payment mode used for making the immediate transfer of money will make it convenient for consumers to transfer higher sums in a single day.
“In view of the importance of the IMPS system in the processing of domestic payment transactions, it is proposed to increase the per-transaction limit from Rs2 lakh to Rs5 lakh for channels other than SMS and IVRS. This will lead to further increase in digital payments and will provide an additional facility to customers for making digital payments beyond Rs2 lakh,” the RBI said in a statement.
IMPS is a popular payment system that provides instant domestic fund transfer and is accessible across sources like internet banking, mobile banking apps, bank branches, ATMs, SMS and IVRS. Since 2014, the per-day transaction limit for IMPS was capped at Rs 2 lakh. But now the central bank has increased the limit to Rs 5 lakh in order to make it easier for consumers to make digital transfers.
Meanwhile, the RBI decided to keep the benchmark interest rate unchanged at 4% but maintained an accommodative stance even as the economy is showing signs of recovery after the second wave of the Covid-19 pandemic.
Notably, this is the eighth time in a row that the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das has maintained status quo.