RBI New Update: Good news! Big update on limit of fund transfer from IMPS, crores of customers will benefit

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RBI New Update: Good news! Big update on limit of fund transfer from IMPS, crores of customers will benefit
RBI New Update: Good news! Big update on limit of fund transfer from IMPS, crores of customers will benefit

RBI New Ruls: RBI Governor Shaktikanta Das said that RBI has decided not to make any changes in key interest rates once again. In such a situation, the repo rate has been kept at 4 percent, while the reverse repo rate has been kept at 3.35 percent.

New Delhi: The Reserve Bank of India (RBI) has increased the limit of daily fund transfer through Immediate Payment Service (IMPS) from Rs 2 lakh to Rs 5 lakh. The Reserve Bank’s Monetary Policy Committee (MPC) met bi-monthly from 6 to 8 October. Many big decisions were taken in this meeting. After this, RBI Governor Shaktikanta Das gave all the information.




Now transactions up to 5 lakh can be done every day

Significantly, through the Immediate Payment Service (IMPS) of the National Payment Corporation of India (NPCI), any person can transfer funds on any day of the week and 24 hours. This facility is available through platforms like Internet Banking, Mobile Banking App, Bank Branches, ATMs, SMS and IVRS. Let us tell you that this service was included in 2014.

Repo rate also not changed

RBI Governor Shaktikanta Das said that RBI has decided not to make any changes in key interest rates once again. In such a situation, the repo rate has been kept at 4 percent, while the reverse repo rate has been kept at 3.35 percent. Along with this, the Reserve Bank has also retained the GDP growth forecast for 2021-22 at 9.5 percent.

Along with this, let us tell you that the limit per transaction for SMS and IVRS channels is 5000. Apart from this, RTGS is also happening round the clock now. RBI has told that after RTGS, now this decision has been taken to increase the settlement cycle of IMPS. Digital payments will get a boost due to the increase in IMPS limit. That is, now customers will be able to make digital payments of more than two lakh rupees easily.

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