Send mobile by a few clicks up to Rs 5 lakh, RBI increases IMPS limit RBI raises IMPS limit from Rs 2 lakh to Rs 5 lakh to promote digital transactions IMPS limit
With RTGS (Real Time Gross Settlement) now working round the clock, there has been a corresponding increase in the settlement cycle of IMPS, thereby reducing the credit and settlement risk.
The Reserve Bank on Friday proposed to increase the per transaction limit from Rs 2 lakh to Rs 5 lakh through Immediate Payment Service (IMPS) to promote digital transactions. IMPS managed by National Payments Corporation of India (NPCI) is an important payment system that facilitates instant transfer of domestic money round the clock and through various channels like Internet Banking, Mobile Banking App, Bank Branches, ATMs, SMS and IVRS. is accessible.
With RTGS (Real Time Gross Settlement) now working round the clock, there has been a corresponding increase in the settlement cycle of IMPS, thereby reducing the credit and settlement risk. Announcing the measures after the bi-monthly monetary policy review, Reserve Bank Governor Shaktikanta Das said, “In view of the importance of the IMPS system and to enhance the convenience of the consumers, it is proposed to increase the per transaction limit from Rs 2 lakh to Rs 5 lakh. Has been done.”
He said that this will further increase digital payments and customers will get additional facility to make digital payments above Rs 2 lakh. Das said that necessary instructions in this regard would be issued separately. In addition, the Reserve Bank also proposed to introduce a framework for retail digital payments in offline mode across the country.
The Governor said, “In view of the encouraging experience gained from the pilot trials, it is proposed to introduce a framework for retail digital payments through offline mode across the country. This will expand the reach of digital payments and open up new opportunities for individuals and businesses.”
Here are the highlights of the RBI bi-monthly monetary review:
- Repo rate stood at 4 per cent for the eighth time in a row.
- Reverse repo rate unchanged at 3.35 percent.
- Marginal Standing Facility and Bank Rate also unchanged at 4.25 per cent.
- The growth forecast of 9.5 percent for 2021-22 is maintained.
- Real GDP growth in the first quarter of 2022-23 is projected to be 17.2 percent.
- Retail inflation estimated at 5.3 per cent by the end of the financial year. Earlier it was estimated to be 5.7 percent.
- Going forward, several factors will provide relief on the food prices front.
- The Reserve Bank said that it has taken more than 100 measures to revive the economy affected by the pandemic since March 2020.
- The Reserve Bank will maintain sufficient liquidity in the system to support the process of economic revival.
- The limit per transaction through IMPS has been increased from Rs 2 lakh to Rs 5 lakh.
- Another group on financial fraud prevention will be introduced under the regulatory sandbox plan.
- Internal Ombudsman system to be introduced in NBFCs.
- The next monetary review meeting will be held from December 6 to 8.
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