Rs 5 Lakh Is New Real-Time (IMPS) Transfer Limit: Your 5-Point Guide
The Reserve Bank of India Governor Shaktikanta Das on Friday proposed to increase limit on Immediate Payment Service (IMPS) transaction to Rs 5 lakh per transaction from the current limit of Rs 2 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," Governor Das said at the end of the bi-monthly Monetary Policy Committee (MPC) review meeting that started on Wednesday.
Here are five things to know about proposed changes to IMPS limit:
- The Reserve Bank has proposed to increase the transaction limit for IMPS from Rs 2 lakh to Rs 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 Rs 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.
- Earlier this month, 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 Rs 5,000 and above, are preceded by a notification 24 hours in advance informing the customers about the scheduled payment.
- In December last year, Real Time Gross Settlement System (RTGS), used for large value transactions, was made available round-the-clock. The move was aimed at supporting the ongoing efforts aimed at global integration of the country's financial markets, facilitating the efforts to develop international financial centres and providing wider payment flexibility to domestic corporates and institutions.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
