CURRENT AFFAIRS

Detailed explanation-1: -Since the transactions are offline, alerts (by way of SMS and / or e-mail) will be received by the customer after a time lag. Transactions are subject to a limit of ₹200 per transaction and an overall limit of ₹2000 for all transactions until balance in the account is replenished.

Detailed explanation-2: -The total limit for offline transactions on a payment instrument shall be ₹2,000 at any point in time. Replenishment of used limit shall be allowed only in online mode with AFA.

Detailed explanation-3: -Offline Digital Payments - RBI. The Reserve Bank of India (RBI) announced a framework on 3rd January, 2022 that allows offline payments of up to Rs. 200 per transaction, subject to a total limit of Rs 2,000, in order to encourage digital transactions in rural and semi-urban regions.

Detailed explanation-4: -The system facilitates funds transfer up to a limit of ₹5 lakh, on real-time basis. The cost of operating and facilitating transactions in IMPS involves, inter alia, operational costs and settlement risk management costs. The charges in IMPS are a function of these costs.

Detailed explanation-5: -“Transactions are subject to a limit of Rs 200 per transaction and an overall limit of Rs 2,000 for all transactions until the balance in the account is replenished.