RBI hikes Payments Banks deposit limit per customer from Rs 1 lakh to Rs 2 lakh

1 week ago 6
payments bank

Henceforth, Payments Banks tin clasp a maximum equilibrium of Rs 2 lakh per idiosyncratic customers astatine the extremity of the day.

New Delhi: The Reserve Bank of India (RBI) connected Wednesday doubled the bounds of maximum equilibrium that an idiosyncratic lawsuit tin clasp with Payments Banks.

Henceforth, Payments Banks tin clasp a maximum equilibrium of Rs 2 lakh per idiosyncratic customers astatine the extremity of the day.

“The extant “Guidelines for Licensing of Payments Banks” issued connected November 27, 2014 let payments banks to clasp a maximum equilibrium of ₹ 1 lakh per idiosyncratic customer. Based connected a reappraisal of show of payments banks and with a presumption to promote their efforts for fiscal inclusion and to grow their quality to cater to the needs of their customers, including MSMEs, tiny traders and merchants, it has been decided to heighten the bounds of maximum equilibrium astatine extremity of the time from ₹1 lakh to ₹2 lakh per idiosyncratic customer. A circular successful this respect shall beryllium issued separately,” an RBI statement said.

Announcing the Monetary Policy connected Wednesday, the cardinal slope decided to support benchmark involvement complaint unchanged astatine 4 per cent but maintained an accommodative stance. Consequently, the Marginal Standing Facility (MSF) complaint and the slope complaint stay unchanged astatine 4.25 per cent. The reverse repo complaint volition besides proceed to gain 3.35 per cent for banks for their deposits kept with RBI.

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