RBI allows Payment banks deposits to 2 lakh per individual BANK NEWS


RBI allows Payment banks deposits to 2 lakh per individual


New Delhi: The Reserve Bank of India doubled the limit of maximum balance limit from Rs 1 lakh to Rs 2 lakh per individual customers of payments banks. 

To give another push to digital payment, RBI sees the use of digitization and a vast range of digital customers and payment options nowadays are digital payment banks. Also, the payment bank's demands this from a very long time to increase the deposit limit.

RBI mentioned, "The extant ' lakh Guidelines for Licensing of Payments Banks' issued on November 27, 2014, allow payments banks to hold a maximum balance of Rs 1 lakh per individual customer. Based on a review of the performance of payments banks and with a view to encouraging their efforts for financial inclusion and to expand their ability to cater to the needs of their customers, including MSMEs, small traders, and merchants, it has been decided to enhance the limit of maximum balance at end of the day from Rs 1 lakh to Rs 2 lakh per individual customer. A circular in this regard shall be issued separately," according to a statement by the Reserve Bank of India.

This will not only enhance the financial inclusion but will also make more useful to customers who deal with heavy amounts and an expansion of the payments banks. 

RBI Governor Shaktikanta Das said that the decision will boost further financial inclusion. It will also expand the ability of payment banks to cater to the growing needs of customers.

Posted Date :  08-04-21

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