IMPS daily transaction limit increased to ₹5 lakh from ₹2 lakh, says RBI
IMPS is an instant interbank electronic fund transfer service which can be accessed through mobile phones, internet banking, bank branches, ATMs, SMS and IVRS. IMPS is an important payment system providing 24x7 instant domestic funds transfer facility.
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The Reserve Bank of India (RBI) on Friday said that the limit to transfer money under Immediate Payment Service (IMPS) has been increased from ₹2 lakh to ₹5 lakh. The announcement was made by RBI governor Shaktikanta Das at a press briefing on the monetary policy committee outcomes.
The per-transaction limit for SMS and IVRS channels is ₹5000.