The Reserve Bank of India (RBI) has increased the transaction limit in Immediate Payment Service (IMPS) from Rs 2 lakh to Rs 5 lakh. IMPS provides instant domestic fund transfer facility 24×7 through banking channels. “In view of the importance of the IMPS system and the convenience of the consumers, it is proposed to increase the limit per transaction from Rs 2 lakh to Rs 5 lakh,” RBI said.
RBI has also proposed to introduce a framework for retail digital payments in offline mode across the country. This will further expand the reach of digital payments and open up new opportunities for individuals and businesses. Plans were announced in August 2020 to test technologies that would enable digital payments even in remote locations where internet connectivity is either absent or barely available.
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