October 9, 2021 6:34:55 am
The Reserve Bank of India (RBI) has raised the transaction limit in Immediate Payment Service (IMPS) from Rs 2 lakh to Rs 5 lakh. IMPS offers instant domestic funds transfer facility 24×7 through 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 said.
The 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. A scheme to test technologies that enable digital payments even in remote places where internet connectivity is either absent or barely available was announced in August 2020.
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