Mumbai: The Reserve Bank of India on on Wednesday announced that it has increased the maximum end of day balance for payment banks to ₹2 lakh. Earlier, the limit was ₹1 lakh.
“Considering the progress made by Payment Banks in furthering financial inclusion and with the objective of giving more flexibility to the Payment Banks, it has been decided to enhance the limit of maximum balance at the end of the day from ₹1 lakh to ₹2 lakh per individual customer of Payment Banks with immediate effect.”, Reserve Bank of India said in a statement.
“With a view to furthering financial inclusion and to expand the ability of payments banks to cater to the growing needs of their customers, the current limit on maximum end of day balance of ₹1 lakh per individual customer is being increased to ₹2 lakh with immediate effect”, Reserve Bank of India governor Shaktikanta Das said.
The other terms and conditions of the Licensing Guidelines of Payment Banks remain unchanged.