New Delhi: The Reserve Bank of India (RBI) on Wednesday doubled the limit of most steadiness that a person customer can maintain with Payments Banks.
Henceforth, Payments Banks can maintain a most steadiness of Rs 2 lakh per particular person clients on the finish of the day.
“The extant “Guidelines for Licensing of Payments Banks” issued on November 27, 2014 enable funds banks to maintain a most steadiness of ₹ 1 lakh per particular person customer. Based on a evaluation of efficiency of funds banks and with a view to encourage their efforts for monetary inclusion and to develop their means to cater to the wants of their clients, together with MSMEs, small merchants and retailers, it has been determined to improve the limit of most steadiness at finish of the day from ₹1 lakh to ₹2 lakh per particular person customer. A round on this regard shall be issued individually,” an RBI assertion stated.
Announcing the Monetary Policy on Wednesday, the central financial institution determined to preserve benchmark rate of interest unchanged at 4 per cent however maintained an accommodative stance. Consequently, the Marginal Standing Facility (MSF) fee and the financial institution fee stay unchanged at 4.25 per cent. The reverse repo fee will even proceed to earn 3.35 per cent for banks for his or her deposits saved with RBI.
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