RBI Monetary Policy: IMPS Daily Limit Increases to 5 Lakh from 2 Lakh Rupees. Repo Rate and Reverse Repo Rate Unchanged

RBI Monetary Policy: Today is the Last Day of the meeting of RBI Monetary Policy and it was expected that RBI would not Change the Repo Rate and Reverse Repo Rate. Repo Rate is 4% and Reverse Repo Rate is 3.5%. This is the 8th Time when RBI made no change in Repo Rate and Reverse Repo Rate. Last Time in May 2020 Repo Rate was Decreased. Besides this, RBI also Increases the Limit of Immediate Payment Service from 2 Lakh to 5 Lakh Rupees.

In IMPS You can Transfer Amount 24 Hours

IMPS is becoming Popular among People. It is Because in IMPS Your Money is transferred into another Bank Account Instantly and it is active 24 Hours. Currently, In IMPS You can Transfer up to 2 Lakh Rupees but According to the Current Announcement by RBU you can Now Transfer up to 5 Lakh Rupees through IMPS. IMPS can be done via Internet Banking, Mobile Banking App, Bank Branch, ATM, SMS, and IVRS.

You can Schedule Your Payment in IMPS

IMPS has one Special Feature. With the Help of This Feature, you can Schedule Your Payment Transaction. For Example, if You want to send payment after 2 Days then you can set the Date and Time and On that Date and Time, Your Payment will be transferred automatically.

How IMPS is Different from RTGS and NEFT

When you Transfer Money through RTGS and NEFT then it takes time but when you transfer the amount through IMPS then your Amount is Transferred Immediately. Currently, Some Banks are Charging for IMPS Facility whereas some banks are not charging for this facility.

Infaltion Rate in July and August was below expectation

RBI Governor Shaktikant Das told that All the Member of MPC was in the Favour of having same Rate. Also Recovery in the Economy can also be seen Clearly. In Month of August and September we can see recovery. and Inflation in Food Products also lowers down.

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