RBI Increases IMPS Transaction Limit To Rs 5 lakh

The Reserve Bank increased the transaction limit on Immediate Payment Service (IMPS) of the National Payments Corporation of India (NPCI) to Rs 5 lakh from Rs 2 lakh. The central bank noted that IMPS is an important payment system providing 24x7 instant domestic funds transfer facility and is accessible through various channels like internet banking, mobile banking apps, bank branches, ATMs, SMS and IVRS. The per-transaction limit in IMPS, effective from January 2014, is currently capped at Rs 2 lakh for channels other than SMS and IVRS. The per-transaction limit for SMS and IVRS channels is Rs 5000. With RTGS now operational round the clock, there has been a corresponding increase in settlement cycles of IMPS, thereby reducing the credit and settlement risks.

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