RBI increases daily transaction limit of IMPS to 5 lakh
The Reserve Bank of India on Friday announced a proposal to increase the per transaction limit for the immediate payment service (IMPS) from ₹ 2 lakh to ₹ 5 lakh for channels other than SMS and IVRS.
“This will lead to a further increase in digital payments and provide additional ease for customers to make digital payments above ₹ 2 lakh,” said RBI Governor Shaktikanta Das.
The limit per transaction for both SMS and IVRS (Interactive Voice Response) channels is ₹ 5,000.
Experts said it will help businesses and MSMEs and promote the use of digital payments.
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“This will help large enterprises and MSMEs bring greater flexibility and obvious cost efficiency by eliminating manual effort and errors accompanying these processes. Add to that the real gains from this decision which will translate into increased management of working capital, increased transaction speed throughout the supply chain, as well as improved cash flow, ”said Narayan. ‘Naru’ Ramamoorthy, Director of Revenue, Global PayEX.
Geolocation of contact points
The RBI also unveiled a host of other measures related to payment and settlement systems, including the geolocation of payment systems touchpoints.
He proposed to define a framework for geolocation (capture of geographic coordinates by latitude and longitude) of physical infrastructures for accepting payments, point of sale terminals and rapid response codes (QR) used by merchants.
Improve infra acceptance
This would complement the framework of the Payment Infrastructure Development Fund with better deployment of acceptance infrastructure and wider access to digital payments.
“To ensure a balanced distribution of the acceptance infrastructure across the country, it is essential to verify the location information of the existing payment acceptance infrastructure. In this regard, geolocation technology, by providing location information on an ongoing basis, can be useful in targeting areas with poor infrastructure for targeted political action, ”said the RBI.
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He also proposed that the theme of the fourth cohort be “Financial Fraud Prevention and Mitigation”.
“The focus would be on using technology to reduce the time lag between the onset and detection of fraud, strengthening the governance structure for fraud and minimizing response time to fraud,” said the RBI, adding that the application window for this cohort would be opened in due course. Classes.
In addition, based on the experience gained and the comments received from stakeholders, he proposed to facilitate the “On Tap” application for the themes of previously closed cohorts.