Reserve Bank of India Governor Shaktikanta Das has made a major announcement on the IMPS service. Customers will now be able to make transactions up to Rs 5 lakh a day. Earlier, the limit was Rs. 2 lakhs. Let me tell you that money can be sent anywhere, anytime, through online banking in the country, but the methods of sending money are different. In fact, there are also three ways to transfer money from online banking through which money is transferred. This includes the name of IMPS, NEFT, RTGS.
What is IMPS:-
IMPS means an immediate mobile payment service. Simply put, through IMPS, you can send money to any account holder anywhere at any time. There is no restriction on the time of sending the money. You can transfer money in a few seconds through IMPS at any time in 24 hours on all seven days of the week.
Now, which rule of IMPS has been changed by the RBI:-
After the new decision of the RBI, the IMPS customer can transact up to Rs. 5 lakh. Earlier, the limit was Rs.2 lakhs. Tell you that many banks do not charge any fee for transferring money from IMPS. Internet is essential for facilities like IMPS, NEFT, RTGS. If you don't have a computer or laptop, you can also work with a smartphone that has internet access.