In its meeting held, the Reserve Bank of India increased the IMPS transaction limit from Rs 2 lakh to Rs 5 lakh.
The NPCI (National Payment Corporation of India) facilitates the Immediate Payment Service (IMPS), which is an instant money transfer service. Inter-bank transfers, which have become a popular method of moving payments, are made easier by IMPS.
IMPS makes use of mobile banking to its greatest potential. Both the sender and the receiver receive text messages from the bank as alerts from the app as soon as funds are sent to the receiver. Both sides are relieved because they now know the true state of the deal.
Individuals can now send up to Rs 5 lakh through IMPS, which was previously limited to Rs 2 lakh.
How to Register for IMPS?
You must first sign up for the bank's mobile banking service. The bank's Mobile Money Identifier (MMID) and MPIN will also be required. They are also required for the recipient or beneficiary. If your bank has SMS IMPS, you can use the SMS facility in your phone or download the mobile banking application from your bank.
The first four digits of the Mobile Money Identification Number (MMID) are the unique identification number of the bank that offers IMPS.
Customers who use IMPS transactions are charged by their banks. However, depending on the type of account held by the user or the use of IMPS via Internet banking, certain banks offer IMPS for free.