The country will soon be able to make digital payments even without internet.

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The Reserve Bank of India (RBI) on Friday released its bi-monthly monetary policy review report. The RBI has not changed the repo rate and reverse repo rate. However the RBI has made a big announcement to change the world of digital payments.

Announcing the monetary policy, RBI Governor Shaktikanta Das said the country would soon be able to make digital payments even without internet. This will make digital payment available to people in remote areas of the country where there is no internet facility.

This will also help make the economy cashless. Shaktikanta Das said a pilot project would be run for this. Now the RBI plans to create a framework for retail digital payments in offline mode.

Not only this, RBI has also increased the limit of online payment despite IMPS (Immediate Payment Service). Earlier, only up to Rs 2 lakh could be paid through IMPS but now it can be paid up to Rs 5 lakh. The biggest beneficiaries of this will be the customers who make retail payments from the bank.

IMPS (Immediate Payment Service) of National Payment Corporation of India (NPCI) is an important payment system. Which provides 3 hour fund transfer facility. This facility is available through internet banking, mobile banking app, bank branches, ATMs, SMS and IVRS.