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Payment banks can now hold a maximum balance of Rs 20,000 per customer.

Mumbai: RBI doubles the maximum balance that individual customers can hold in the payment bank from the previous 1 rupee to 2 rupees, instantly expanding the ability of such lenders to meet the needs of MSME and other businesses. did.
The announcement on this point was made by RBI Governor Shaktikanta Das after a meeting of the Monetary Policy Committee on Wednesday.
Existing norms allow the Payment Bank (PB) to hold a balance of up to Rs 1 per individual customer.
“In consideration of PB’s progress in promoting financial inclusion, we will raise the maximum balance limit at the end of the day from 1 rupee to 2 rupees per person with the aim of giving more flexibility to PB. Has been decided. PB customers with immediate effect. ”
The decision to double the limit is based on a performance review of payment banks with the aim of encouraging financial inclusion efforts and expanding their ability to meet the needs of customers such as MSMEs, small traders and merchants. I did.
There are about half a dozen settlement banks in the country.

Payment banks can now hold a maximum balance of Rs 20,000 per customer.

Source link Payment banks can now hold a maximum balance of Rs 20,000 per customer.

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