· 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 24×7 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 systemts like IMPS attractive.
Source: Media News / TOI / Live Mint etc.
Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.