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

MUMBAI: The RBI has doubled the restrict of most balance that a person buyer can hold with funds banks to Rs 2 lakh from Rs 1 lakh earlier with speedy impact to increase the flexibility 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 hold a most balance of Rs 1 lakh per particular person buyer.
“Considering the progress made by PBs in furthering financial inclusion and with the objective of giving more flexibility to the PBs, it has been decided to enhance the limit of maximum balance at the end of the day from Rs 1 lakh to Rs 2 lakh per individual customer of PBs with immediate effect,” the Reserve Bank of India stated in a round.
The determination to double the restrict was based mostly on a evaluate of the efficiency of funds banks and with a view to encourage their efforts for monetary inclusion and to increase their skill 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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