- 5 Jan 2015
- Reaction score
In a bid to make big-ticket fund transfer easier, the Reserve Bank of India (RBI) on Friday enhanced the limit the Immediate Payment Service (IMPS). From now on, bank customers can transfer Rs 5 lakh via IMPS. Earlier the limit for IMPS transfer was restricted at Rs 2 lakh, other than SMS and IVRS. “Immediate Payment Service (IMPS) offers instant domestic funds transfer facility 24×7 through various channels. In view of the importance of the IMPS system and for enhanced consumer convenience, it is proposed to increase the per-transaction limit from ₹2 lakh to ₹5 lakh," RBI Governor Shaktikanta Das said while announcing the measure.