IMPS limit raised to Rs. 5Lakhfrom Rs. 2Lakh

RBI has raised the transaction limit in Immediate Payment Service (IMPS) from Rs 2 lakh to Rs 5 lakh. IMPS offers instant domestic funds transfer facility 24×7 through banking 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 Rs two lakh to Rs five lakh,” the RBI said.