Thursday, April 15, 2021
News

Payments Banks allowed to hold Rs 2L balance per customer

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Mumbai | Wednesday, 2021 7:45:06 PM IST
In a major boost to operations of the Payments Banks, the Reserve Bank of India on Wednesday doubled the limit of maximum balance that an individual customer can hold with them.

Accordingly, Payments Banks can now hold a maximum balance of Rs 2 lakh per individual customers at the end of the day.

The Guidelines for Licensing of Payments Banks issued on November 27, 2014 allowed such banks to hold a maximum balance of Rs 1 lakh per individual customer earlier.

RBI in its statement on developmental and regulatory policies said that the changes have been made based on a review of performance of payments banks and with a view to encourage their efforts for financial inclusion and to expand their ability to cater to the needs of their customers, including MSMEs, small traders and merchants.

A circular proposing the changes will be issued by RBI separately.

--IANS sn/dpb

Get Outlook for iOS

( 166 Words)

2021-04-07-13:42:46 (IANS)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Office space demand subdues in Jan-Mar: ...
Covid spike to delay domestic air passen...
Air India pilots threaten industrial act...
Emerging markets' quantitative easing pr...
Vahdam India doubles net revenue to Rs 1...
Quint Digital Media logs Q4 net profit o...
More...
 
INDIA WORLD ASIA
NGT clears TN's Mettur Lift Irrigation P...
No plan to impose lockdown in Haryana: D...
Chhattisgarh govt caps charge on handlin...
Kumbh 2021: All 13 akharas participated ...
Habeas corpus plea for two missing from ...
Two arrested in Gurugram for betting on ...
More...    
 
 Top Stories
Covid maintains surge in Kerala, TP... 
Azam's smashing ton helps Pakistan ... 
Maxwell ends fifty drought after 3 ... 
Covid spike to delay domestic air p... 
320 doses of Covaxin go missing fro... 
Air India pilots threaten industria... 
Vahdam India doubles net revenue to... 
NGT clears TN's Mettur Lift Irrigat...