RBI announces 24/7 RTGS payments and ₹ 5000 limit for Contactless payments

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Navjot Singh

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RBI: Large fund transfers to be 24/7, contactless card payment hiked to ₹5,000

RBI has been trying to make electronic mode of payments more convenient for businesses. Last year, it had allowed transfer of funds via National Electronic Funds Transfer (NEFT) system on a 24x7x365 basis
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Customers will soon be able to transfer funds through real-time gross settlement (RTGS) will be available round-the-clock in the next few days, Reserve Bank of India (RBI) governor Shaktikanta Das said on Friday.

The central bank has also decided to increase the limit for contactless card transactions (without requiring to input a pin number) and recurring payment mandates through cards and unified payments interface (UPI) to ₹5,000 from ₹2,000 earlier. This will be effective from 1 January 2021 and will be at the discretion of the user.
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i still have no idea why they have four different techs for money transfer. upi/imps/neft/rtgs.
 
yeah. upi and imps seems to be based on same backend. why have neft and rtgs for smaller and larger transactions. just fucking provide a user interface where you enter account number and ifsc code and let banks manage the backend. why ask the customer what he wants to use.
 
IMPS me there is less chance of scamming. UPI scams are too easy. So tbh IMPS sounds better but Banks never really promoted it.
 
it's always annoying to get ifsc and other details. they really should make bank accounts unique which on their own should work like upi ids. or even better... automatically assign upi ids on all bank accounts and print them on passbooks and cheques. and just use them for online transfers.
 

Why not a 11 digit bank account no and 4 digit unique bank/financial institution code for any type of transaction.
Enough uniqueness for both banks and rbi.
 
Aren't bank account nos unique within the bank? So, there can be an option to select the bank and it'll figure out the branch by account no?
 
I think it is better to have the IFSC. It may act as verification if you enter a wrong account number. It's a headache to get NEFT reversed, if not impossible.
 
I don't think banks these days care about IFSC, and it's purely by account number.

Anyway UPI is good in that way, you can validate the account holders name easily. UPI with some additional validation might be better for higher value transactions.
 

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