Big update on IMPS fund transfer limit, millions of customers will benefit


The Reserve Bank of India (RBI) has increased the daily fund transfer limit through instant payment service (IMPS) from Rs 2 lakh to Rs 5 lakh. From October 6 to 8, the Reserve Bank’s Monetary Policy Committee (MPC)Month Meeting Happened Many big decisions were taken in this meeting. After this RBI Governor Shaktikant Das gave all the information.

Big update on IMPS
Big update on IMPS

Through the Immediate Payment Service (IMPS) of the National Payment Corporation of India (NPCI), anyone can transfer funds any day of the week and 24 hours a day. This facility is available through platforms like Internet Banking, Mobile Banking App, Bank Branches, ATMs, SMS and IVRS. Let me tell you that this service was added in 2014. RBI Governor Shaktikant Das said that the RBI has once again decided not to change the key interest rates. In such a case, the repo rate has been kept at 4 per cent, while the reverse repo rate has been kept at 3.35 per cent. At the same time, the Reserve Bank has maintained its GDP growth forecast for 2021-22 at 9.5 per cent. Also, let me tell you that the limit per transaction for SMS and IVRS channels is 5000. In addition, RTGS is now running 24 hours a day. The RBI said the decision was taken to extend the settlement cycle of IMPS after RTGS. An increase in the IMPS limit will boost digital payments. That means customers will now be able to easily make digital payments of more than Rs two lakh.

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