RBI PROPOSED TO INCREASE IMPS TRANSACTIONS TO RS 5 LAKH FROM RS 2 LAKHS

RBI PROPOSED TO INCREASE IMPS TRANSACTIONS TO RS 5 LAKH FROM RS 2 LAKHS In view of the importance of the “Immediate Payment Service (IMPS) system in …

CS Lalit Rajput

Oct 8, 2021

Last update on Oct 8, 2021

RBI PROPOSED TO INCREASE IMPS TRANSACTIONS TO RS 5 LAKH FROM RS 2 LAKHS

In view of the importance of the “Immediate Payment Service (IMPS) system in the processing of domestic payment transactions, it is proposed to increase the per-transaction limit from ₹2 lakh (existing) to ₹5 lakh (new proposed limit) for channels other than SMS and IVRS.
“Immediate Payment Service (IMPS) offers instant domestic funds transfer facility 24x7 through various channels.
This will lead to further increase in digital payments and will provide an additional facility to customers for making digital payments beyond ₹2 lakh.
The per-transaction limit for SMS and IVRS channels is ₹5000.
Meanwhile, in order to ensure wider availability of payments acceptance (PA) through point of sale (PoS) terminals and quick response (QR) codes, the RBI has proposed to introduce a framework for leveraging geo-tagging technology to target areas with deficient PA infrastructure.
In a bid to promote payments through digital means, the government has been taking a number of initiatives to make payments systems like IMPS attractive.

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About Author

CS Lalit Rajput

Company Secretary

Lalit Rajput is a qualified Company Secretary and graduate with 5+ years’ experience in handling Secretarial and Compliance management. Working as Proprietor at Lalit Rajput &Associates, Company Secretaries and Compliance Head at EDUXGURU. Key areas include handling Compliances related to Secretarial, Start-ups, SEBI, FEMA, Labour Laws, GST, NCLT, IPR, MCA/ROC, RTA etc. He has started his career in Adventz Group with one of leading EPC Company, Kalindee Rail Nirman - A Div. Of Texmaco Rail & Engineering Limited (erstwhile known as Kalindee Rail Nirman (Engrs.) Ltd.) and after that worked with Outcome Solutions & Services LLP, a Risk Advisory firm and S. Srinivasan & Co.,Leading Company Secretaries firm in Mumbai and Chennai. He is also an active blogger/Author at many platform and has written various articles on: Taxguru, Compliance Calendar LLP, Studycafe, Caclubindia, Casansaar, theTaxTalk, Lawyer’s Connect, IPleaders, Governance Professionals, Lawyers club India, Dealout Professionals and many more. He has also blogger at ENLIGHTEN GOVERNANCE and contributed articles in ICSI E-Corporate Manager published by ICSI Ahmadabad Chapter.