07 Apr , 2021 By : Kanchan Joshi
The Reserve Bank of India (RBI) has increased the end of day balance for account holders to Rs2 lakh. The current limit for the end of day balance is Rs1 lakh.
"With a view to furthering the financial inclusion and to expand the ability of payments bank to cater to the growing needs of their customers, the current limit on maximum end of day balance of Rs1 lakh is being increased to Rs2 lakh per customer with immediate effect," said RBI Governor Shaktikanta Das.
RBI will issue a circular in this regard.
Payments banks have been seeking a hike in the end of day limit for some time now, especially after the government increased the deposit insurance limit to Rs5 lakh.
Payments banks were launched targeting the underserved markets and for financial inclusion. They are similar to schedule commercial banks but offer limited service. For example, they cannot offer credit cards.
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