Reserve Bank of India has increased the limit raid Transactions from Rs 2 lakh to Rs 5 lakh for the convenience of the consumers.
reserve Bank of India Governor Shaktikanta Das announced that the increased limit on digital payment modes used for instant transfer of money will make it convenient for consumers to transfer more funds.
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RBI is taking steps to make digital transfer easier for consumers. It did RTGS transfer, which was used 24×7 for high value transactions.
The RBI had also made available the National Automated Clearing House (NACH) on all days with effect from August 1, 2021.
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NACH, a bulk payment system, is used for one-to-many credit transfers such as payment of dividends, interest, salaries and pensions.
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RBI in its monetary policy announcement today kept key interest rates unchanged and retained growth projections at 9.5%.
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