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Maximum end-of-day balance hiked from Rs 1 lakh to Rs 2 lakh for Payments Banks – Check details

(*2*)The RBI has now determined to improve the restrict of most balance at finish of the day from Rs 1 lakh to Rs 2 lakh per particular person buyer.The Reserve Bank of India (RBI) in its Statement on Developmental and Regulatory Policies issued on April 7, 2021, has said that there will likely be an enhancement of restrict of most balance per buyer at finish of the day from Rs 1 lakh to Rs 2 lakh for Payments Banks. Satish Gupta, MD & CEO of Paytm Payments Bank Ltd mentioned, (*1*)

The tips for Licensing of Payments Banks issued in 2014 allowed funds banks to maintain a most balance of Rs 1 lakh per particular person buyer. Based on a assessment of efficiency of funds banks and with a view to encourage their efforts for monetary inclusion and to broaden their capability to cater to the wants of their clients, together with MSMEs, small merchants and retailers, the RBI has now determined to improve the restrict of most balance at finish of the day from Rs 1 lakh to Rs 2 lakh per particular person buyer.

All Payment Banks comparable to Paytm Payments Bank and Airtel Payments Bank and India Post Payments Bank, amongst others, are ruled by the RBI. As per the rules for Payment Banks, from now they can’t settle for deposits of greater than Rs 2 lakh from one account holder and these banks usually are not allowed to lend cash. However, they could present all different companies comparable to ATM card, fund switch, invoice funds, recharges, web banking and so forth to the account holders.

One might avail numerous banking companies comparable to opening of financial savings and present accounts, switch of cash, direct profit transfers (DBT), invoice and utility funds, and so forth. It stays to be seen if the rate of interest supplied by them turns into extra aggressive and whether or not there will likely be enhancement within the companies they supply to the account holders.

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