IMPS restrict raised to Rs 5L from Rs 2L

The Reserve Bank of India (RBI) has raised the transaction restrict in Immediate Payment Service (IMPS) from Rs 2 lakh to Rs 5 lakh. IMPS provides on the spot home funds switch facility 24×7 by means of banking 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 Rs two lakh to Rs five lakh,” the RBI mentioned.
The RBI has additionally proposed to introduce a framework for retail digital funds in offline mode throughout the nation. This will additional increase the attain of digital funds and open up new alternatives for people and companies. A scheme to check applied sciences that allow digital funds even in distant locations the place web connectivity is both absent or barely out there was introduced in August 2020.