Payments Banks allowed to hold Rs 2L balance per customer

4/7/2021

For any News Coverage, Please Contact: media@jhalak.com

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.

Source: IANS

For any News Coverage,Please Contact: media@jhalak.com

Related Links

Jhalak.com - Indian Classifieds in USA.

  • Jhalak.com is an Enterprise Multi Utility Classifieds Portal Which is Integrated and Centralized Online Classifieds, Sports Software’s and Indian Movie tickets.
  • Jhalak.com is an Indian Classifieds in USA that Covers Indian Business Directory, Roommates, Nanny Services, Buy and Sell, Indian Attorneys, CPA and Financial Tax Services, Indian Doctors, Indian Events, Indian Stores, Shops, H1 B Jobs, Training Centers, Indian Restaurants, Indian Communities, Coupons, Indian Real Estate agents and Many more desi classifieds categories.
  • Our Entertainment zone is a set of Indian Movies Information include Tollywood, Bollywood, Kollywood, Sandalwood, Hollywood and Provides Online Movies Tickets for Indian Movies in USA.
  • Online Sports Software: Cricket, Volley-Ball, Tennis, Badminton, Carrom and Ping Pong and Chess.