In a bid to promote digital transactions, the Reserve Bank of India (RBI) has raised the limit to transfer money under Immediate Payment Service (IMPS) from Rs 2 lakh to Rs 5 lakh. 

Under IMPS, instant domestic funds transfer facility is offered 24×7 through banking channels. The channels include internet banking, mobile banking apps, bank branches, ATMs, SMS and IVRS.

“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 two lakh to Rs five lakh,” RBI Governor Shaktikanta Das said.

The per-transaction limit for SMS and IVRS channels is Rs 5000.

The RBI also proposed to introduce a framework for retail digital payments in offline mode across the country. This will further expand the reach of digital payments and open up new opportunities for individuals and businesses.

“Given the encouraging experience gained from the pilot tests, it is proposed to introduce a framework for retail digital payments in offline mode across the country. This will further expand the reach of digital payments and open up new opportunities for individuals and businesses,” Das said.