IMPS is an instant interbank electronic fund transfer service. This is done through a mobile phone. For this, mediums like ATM, Internet Banking etc. can also be used. Till now its limit was Rs 2 lakh, which has now been increased to Rs 5 lakh.
New Delhi: The trend of online transactions is increasing in the country and in view of this, Reserve Bank of India (RBI) has announced to increase the IMPS limit from Rs 2 lakh to Rs 5 lakh. RBI Governor Shaktikanta Das said this while announcing the monetary review policy on Friday. Through IMPS, money can be sent to any account holder anywhere, anytime. Till now its limit was Rs 2 lakh, which has been increased to Rs 5 lakh.
IMPS i.e. Tatkal Payment Service is an instant interbank electronic fund transfer service. This is done through a mobile phone. For this, mediums like ATM, Internet Banking etc. can also be used. This is a free service and through this a bank customer can transfer money from his account to another person’s bank account. Das said that considering the importance of the IMPS system, it is proposed to increase the limit per transaction from Rs 2 lakh to Rs 5 lakh.
What is IMPS: Money can be sent through online banking anywhere, anytime in the country. There are also three ways to transfer money through online banking. This includes the names of IMPS, NEFT, RTGS. IMPS is a real time payment service. Through this you can send money to any account holder anywhere, anytime. There is no restriction on the time of sending money. You can transfer money through IMPS anytime, 24 hours a day, seven days a week.
