“Given the importance of IMPS system in processing of domestic payment transactions, it is proposed to increase the per transaction limit from Rs 2 lakh to Rs 5 lakh for channels other than SMS and Interactive Voice Response System (IVRS).” NS reserve Bank of India Said as part of its monetary policy announcement. “This will further enhance digital payments and provide additional convenience to customers to make digital payments above Rs 2 lakh.”
IMPS which is developed by National Payments Corporation of India (NPCI) Provides 24×7 instant domestic fund transfer facility. The service is accessible through Internet Banking, Mobile Banking, Bank Branches, ATMs, SMS and IVRS. The per transaction limit for SMS and IVRS channels remains at Rs 5000.
Further, the central bank also said that it will soon launch a framework to move our retail digital payers across the country to offline mode, following which RBI conducted three pilot trials in different parts of the country from September 2020. Includes small value transactions covering a volume of 2.41 lakhs for a value of Rs 1.16 crores as of June 2021.
“Seekin suggests that there is scope to introduce such solutions, especially in remote areas. Considering the experience and encouraging response received from pilots, it is proposed to introduce a framework for making retail digital payments in offline mode across the country. It is,” the RBI said.