Now you will be able to transfer 5 lakh rupees to another account through IMPS instead of two lakhs. The Reserve Bank of India (RBI) on Friday increased the limit for Immediate Payment Service (IMPS) transactions. The IMPS system of the National Payments Corp of India (NPCI) allows customers to transfer money 24 hours a day. This includes internet banking, mobile banking apps, bank branches, ATMs, SMS, and IVRS services. This service was included in 2014. Then no transaction could be above 2 lakhs in it.
Whereas the per transaction limit is 5000 for SMS and IVRS channels. Now RTGS is also happening round the clock. RBI said that after RTGS, now this has been done to increase the settlement cycle of IMPS. RBI said in a statement that increasing the IMPS limit will encourage digital payments. Now customers will be able to make digital payments above Rs 2 lakh.
On the other hand, RBI has once again decided not to make any changes in key interest rates. Reserve Bank Governor Shaktikanta Das said after the monetary policy review meeting that the repo rate was kept at 4 percent while the reverse repo rate was kept at 3.35 percent.
The Reserve Bank has also kept the GDP growth forecast for 2021-22 unchanged at 9.5 percent. The bi-monthly three-day meeting of the Monetary Policy Committee (MPC) of the Reserve Bank began on October 6 and continued till October 8.
The central bank has kept policy rates unchanged in the last eight reviews since the repo rate was cut by 0.4 percent on May 22, 2020, amid the first wave of the pandemic. Experts said the central bank has maintained the status quo on policy rates for the eighth time in a row.
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