New Delhi, Apr 24 (KNN) Industry body All India Plastic Industries Association (AIPIA) in a letter to the Ministry of Finance and Reserve Bank have urged the government to consider increasing transfer limit through the online Immediate Payment Service (IMPS).

The banks both nationalised and private banks are closed for over 95 days in a year including weekends and gazetted holidays, due to which the industry and the transactions are left to suffer, the association said.

The association in the letter said that post demonetization and implementation of GST, the government has been proactive towards promoting digital modes of payments.

In such a scenario, the Immediate Payment Service (IMPS) which exists in many banks needs to be promoted.

However, the constraint with the scheme is that the banks that have opted for IMPS have set their own maximum limit for each transaction ranging from 50,000 to 2 lakh rupees.

“We are of the view that all banks (nationalized and private) should start offering IMPS and the upper limit should be kept considering the requirements of the users especially the industry so that the entrepreneurs can transact round the clock”, the letter said. (KNN/DA)