As per the circular issued by Reserve Bank Of India (RBI) on 22nd December 2011, the transaction limit of Rs 50,000 per customer per day using Inter bank Mobile Payment Service (IMPS) have been removed.
IMPS service let consumers directly transfer money from their account to any other account in the country using their mobile phone. Now RBI have remove the cap imposed earlier on transfer of money using IMPS which includes users can transfer a maximum of Rs 5,000 using SMS mode of IMPS. and users can transfer upto the maximum value of Rs 50,000 per customer daily. However, banks may place per transaction limits with the approval of its Board.