I have updated the memory limits to 1024M in the php.ini file in the root directory however while installing the extension, am still getting the error stating to update the memory to 756M or above.
Am using magento 2.
For magento2, minimum 2GB memory limit required.
I don't think php.ini file changes reflect on your system.
On magento2 root dir, create a file phpinfo.php and rewrite below code <?php phpinfo();?>
After that browse this php file and check memory limit.
You may need to change memory limit at server php.ini file
"<?php phpinfo();?>" yes.