Payments Bank has the right to deposit cash or deposit, issue debit and ATM cards. They cannot provide facilities like loans or credit cards.
Payments Bank: If you use the facility of Paytm Payments Bank, Airtel Payments Bank or India Post Payments Bank, then there is good news for you. The Reserve Bank has increased the limit for holding maximum amount in Payments Bank. Now at the end of the day an amount of up to 2 lakh rupees can remain in the customer’s account, whereas earlier it was only 1 lakh rupees.
The Reserve Bank of India has also made big announcements for Payments Bank after the meeting of the first Monetary Policy Committee of this financial year. RBI has now increased the balance limit of Payments Bank customers to Rs 2 lakh. Earlier there was a limit of only 1 lakh rupees, that is, the customers of Payments Bank will now be able to keep a maximum of 2 lakh rupees in the account.
RBI Governor Shaktikanta Das has said, “To expand financial inclusion and enable Payments Bank to cater to the growing needs of customers, this goal will increase the maximum balance limit at the end of the day from Rs 1 lakh to 2 Lakhs per customer is being paid. ” This rule has come into force from today itself.
Payments Bank: What happens?
Payments banks are playing a big role towards Financial Inclusion. This is the reason why the Reserve Bank has also increased the balance limit in them. The trend of customers has increased through digital banking. However, payments banks cannot offer facilities such as loan disbursement or credit card. Payments Bank has the right to deposit cash or deposit, issue debit and ATM cards.
Some Payments Bank had asked the Reserve Bank to increase the limit of deposits of customers. Companies had requested the RBI to increase this limit from Rs 1 lakh to Rs 5 lakh. However, the RBI has increased it to Rs 2 lakh only.
