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The Reserve Bank of India (RBI) has increased the transaction limit for the Immediate Payment Service (IMPS) mode of money transfer from Rs 2 lakh to Rs 5 lakh, in response to the increasing popularity of the IMPS way of money transfer.
The National Payments Corporation of India’s (NPCI) IMPS is a vital payment system that offers 24×7 instant domestic funds transfer and is accessible via a variety of channels such as internet banking, mobile banking apps, bank branches, ATMs, SMS, and IVRS. It enables users to transfer money immediately across India via banks and RBI-authorized Prepaid Payment Instrument Issuers (PPI).
The IMPS is one of the most extensively utilize money transfer methods, but the maximum transaction limit of Rs 2 lakh is becoming a major impediment for many clients who desire to conduct larger transactions.
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