In October 2021 RBI increase the IMPS limit from 2 lakhs What is the new limit of IMPS transfer ........

Static GK (SBI -PO) Banking Awareness

In October 2021, RBI increase the IMPS limit from 2 lakhs. What is the new limit of IMPS transfer?

This questions was previously asked in

SBI PO Prelims (02 Jan, 2022)

4 Lakhs

5 Lakhs

8 Lakhs

10 Lakhs

15 Lakhs

- In October 2021, the Reserve Bank of India (RBI) increased the IMPS (Immediate Payment Service) transaction limit.

- The previous limit for IMPS transfers was capped at 2 lakhs.

- The increase aimed to facilitate higher value transactions conveniently through the digital platform.

- Option: 2, 5 Lakhs is the correct answer. The new limit for IMPS transactions was set at 5 lakhs.

- Other options such as 4 lakhs, 8 lakhs, 10 lakhs, and 15 lakhs are incorrect regarding the change made by the RBI at that time.

Answer: Option: 2, 5 Lakhs

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