To manage the domestic fund’s IMPS is an important system it facilitates the management of the transaction 24Hrs. With this system, consumers can manage the transaction of 2Lakh per day. Sometimes the transaction is not sufficient as per the consumers’ needs. To relieve the consumers, RBI has made an announcement for IMPS daily transactions limit, which has increased to 5lakh in a day.
The IMPS facility can be accessed through ATM, Internet Banking, Mobile Transaction Apps, IVRS, NPCI.
Mr. Shaktikanta Das (RBI Governor) officially announced that consumers can make instant digital payments through various IMPS channels up to 5 Lakh. This facility will improve the convenience of fund transfers.
Many times critical and emergency situations occur where the consumers need to make payments beyond 2 Lakh but they can’t make it just because of the daily transactions limitation rules. RBI doesn’t want to let the consumers through this situation so they have extended the limit to 5LAKH.
For other digital IMPS channels like SMS and IVRS, the per-transaction limit is 5000 Rs.
The daily transaction limit of IMPS is below 2 Lakh in the year 2013. RBI has extended it to 2 Lakh in the year 2014.
Now, most people are shifting to digital payment options, and this recent action of IMPS Daily limit transaction is taking as an initiative to support the same purpose of digital payment.
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