Payments banks can now hold max balance of Rs 2 lakh/customer – Times of India

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MUMBAI: The RBI has doubled the restrict of most steadiness that a person buyer can maintain with payments banks to Rs 2 lakh from Rs 1 lakh earlier with quick impact to broaden the power of such lenders to cater to the wants of MSMEs and different companies.
The announcement on this regard was made by RBI governor Shaktikanta Das after the assembly of the Monetary Policy Committee on Wednesday.
The extant norms permit funds banks (PBs) to carry a most steadiness of Rs 1 lakh per particular person buyer.
“Contemplating the progress made by PBs in furthering monetary inclusion and with the target of giving extra flexibility to the PBs, it has been determined to boost the restrict of most steadiness on the finish of the day from Rs 1 lakh to Rs 2 lakh per particular person buyer of PBs with quick impact,” the Reserve Bank of India mentioned in a round.
The choice to double the restrict was primarily based on a assessment of the efficiency of funds banks and with a view to encourage their efforts for monetary inclusion and to broaden their capacity to cater to the wants of their prospects, together with MSMEs, small merchants and retailers.
There are about half a dozen funds banks within the nation.


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