Transaction limit increased by two and a half times through IMPS, know what is the new limit
The Reserve Bank has taken several steps to promote digital transactions. These were announced by RBI Governor Shaktikanta Das after reviewing the monetary policy on Friday. The limit per transaction through Immediate Payment Service (IMPS) has been increased from Rs 2 lakh to Rs 5 lakh. IMPS is managed by National Payments Corporation of India (NPCI). With this, money can be transferred round the clock.
The RBI Governor said that keeping in view the importance of IMPS and the convenience of the consumers, it has been decided to increase the limit per transaction. RTGS facility is now available round the clock. Hence the settlement of IMPS has also increased. The risk of settlement is also reduced. Das said detailed guidelines regarding this would be issued later.
Retail Payment Now in offline mode also the facility of retail digital payment in offline mode will also be available soon. That is, where there is little or no internet connectivity, digital transactions will be possible even there. RBI Governor said that its pilot project has been successful. This will help people in remote areas.
Three pilot projects were launched during September 2020 to June 2021 in different areas of the country for offline digital transactions. These were low amount transactions. 2.41 lakh transactions worth Rs 1.16 crore were done during the pilot project. Das said that detailed guidelines regarding this too would be issued later.
In another step, the infrastructure for depositing money in shops will be strengthened. For this, geo-tagging of payment infrastructure will be done. This is also expected to increase digital transactions.