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SBI introduced some new charges for IMPS transactions via the offline mode. Customers who go to the bank to make transfers will have to pay these charges.
The RBI Governor said that this move was important as IMPS plays an important role in instant domestic fund transfers while ensuring consumer convenience at the same time.
RBI proposed to increase limit on Immediate Payment Service (IMPS) transaction to Rs 5 lakh per transaction from Rs 2 lakh.