RBI Proposes to Increase the Limit of IMPS Transaction to INR 5 Lakhs

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RBI Proposes to Increase the Limit of IMPS Transaction to INR 5 Lakhs

The Reserve Bank of India proposed to increase the limit on Immediate Payment Service (IMPS) transactions to â‚ą 5 lakh per transaction from the current limit of â‚ą 2 lakh.

The Reserve Bank has proposed to increase the transaction limit for IMPS from â‚ą 2 lakh to â‚ą 5 lakh for customers accessing IMPS service via internet banking, mobile banking apps, bank branches and ATMs.

The transaction limit to access IMPS services via SMS and IVRS is â‚ą 5,000 per transaction, the Reserve Bank of India noted in a press release.

Meanwhile, in order to ensure wider availability of payments acceptance (PA) through point of sale (PoS) terminals and quick response (QR) codes, the RBI has proposed to introduce a framework for leveraging Geo-tagging technology to target areas with deficient PA infrastructure.

Reserve Bank of India’s revised auto debit rules came into force. As per the new auto debit rules, all kinds of repetitive payments, made especially through credit and debit cards and valued at â‚ą 5,000 and above, are preceded by a notification 24 hours in advance informing the customers about the scheduled payment. Earlier RBI had made Real Time Gross Settlement System (RTGS), used for large value transactions, available round-the-clock.

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