Big banking update! IMPS daily transaction limit increased from Rs 2 lakh to Rs 5 lakh

New Delhi: The Reserve Bank of India (RBI) on Friday announced that it is increasing Immediate Payment Service (IMPS) daily transaction limit increased from Rs 2 lakh to Rs 5 lakh.

“Immediate Payment Service (IMPS) offers instant domestic funds transfer facility 24x7 through various 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 2 lakh to Rs 5 lakh.

The following channels may be used to initiate IMPS transactions.

1. Mobile phones

2. Smartphone- Bank App/ SMS / WAP/USSD (NUUP)

3. Basic phone-SMS/USSD (NUUP)

4. Internet- Bank’s Internet banking facility

5. ATM-By Using ATM Card at Banks ATM

IMPS service is offered by National Payments Corporation of India (NPCI) that empowers customers to transfer money instantly through banks and RBI authorized Prepaid Payment Instrument Issuers (PPI) across India.