Mumbai/New Delhi : In a consumer-friendly move, the Reserve Bank of India (RBI) on Friday increased transaction limit under Immediate Payment Service (IMPS) to Rs 5 lakh from Rs 2 lakh.
A popular digital fund transfer service, IMPS offers instant domestic funds transfer facility 24×7 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,” RBI Governor Shaktikanta Das said while announcing the bi-monthly monetary policy today.
He kept repo rate and other key rates unchanged and maintained accommodative stance to boost growth and recovery.
The RBI governor noted that ensuring wider availability of payments acceptance (PA) infrastructure throughout the country has been one of the priority areas for financial inclusion.
“To target areas with deficient PA infrastructure, it is proposed to introduce a framework for leveraging geo-tagging technology for capturing exact location information on all existing and new PA infrastructure viz., Point of Sale (PoS) terminals, Quick Response (QR) Codes, etc,” he said.
The move is aimed complementing the Payment Infrastructure Development Fund (PIDF) framework of the Reserve Bank in ensuring wider geographical deployment of PA infrastructure.
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