RBI enhances maximum balance limit per account in Payments Banks from Rs 1 lakh to Rs 2 lakh
- The Reserve Bank of India has enhanced the limit of maximum balance at end of the day maintained in Payments Bank from Rs 1 lakh to Rs 2 lakh per individual customer.
- The step has been taken to encourage the efforts of Payments Bank for financial inclusion and to expand their ability to cater to the needs of their customers, including MSMEs, small traders and merchants.
- RBI will issue detailed instructions regarding this very soon.
Points to remember:
- Limit of maximum balance held in accounts in Payments Bank?= Rs 2 lakhs
Source: RBI