Payments banks can now hold max balance of Rs 2 lakh/customer

Sumary of Payments banks can now hold max balance of Rs 2 lakh/customer:

• The RBI has doubled the limit of maximum balance that an individual customer can hold with payments banks to Rs 2 lakh from Rs 1 lakh earlier with immediate effect to expand the ability of such lenders to cater to the needs of MSMEs and other businesses..
• The announcement in this regard was made by RBI governor Shaktikanta Das after the meeting of the Monetary Policy Committee on Wednesday..
• “Considering the progress made by PBs in furthering financial inclusion and with the objective of giving more flexibility to the PBs, it has been decided to enhance the limit of maximum balance at the end of the day from Rs 1 lakh to Rs 2 lakh per individual customer of PBs with immediate effect,”…

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From The Times of India - 09/04/2021