Reserve bank of India (RBI) has proposed to enhance transaction limit in Immediate Payment Service (IMPS) to Rs 5 lakh, in view of the importance of the IMPS system in processing of domestic payment transactions.
As currently, transaction limit in IMPS is Rs 2 lakh for channels other than SMS and IVRS. Whereas, per-transaction limit for SMS and IVRS channels is Rs 5000.
Whereas, with RTGS now operational round the clock, there has been a corresponding increase in settlement cycles of IMPS, thereby reducing the credit and settlement risks.
In order to further increase in digital payments and provide an additional facility to customers for making digital payments beyond Rs 2 lakh, RBI has proposed to increase the per-transaction limit from Rs 2 lakh to Rs 5 lakh for channels other than SMS and IVRS.
Necessary instructions in this regard would be issued separately.