The RBI has doubled the maximum balance limit to pay the needs of an individual customer MSME and other businesses with payment impact banks (PBs) to expand the capacity of lenders before immediate 1 lakh from 2 to 2 Can do up to a million.
The announcement in this regard was made by RBI Governor Shaktikanta Das after the meeting of the Monetary Policy Committee on Wednesday.
The current norms allow payment banks (PBs) to have a maximum balance of ₹ 1 lakh per person.
“Keeping in view the progress made by PB for the purpose of furthering financial inclusion and giving more flexibility to PB, it will increase the maximum balance per capita customer from ₹ 1 lakh to ₹ 2 lakh with immediate effect. It has been decided to extend till, ”RBI said.
The decision to double the limit was made with the objective of reviewing the performance of payment banks and encouraging their efforts for financial inclusion and expanding their ability to meet the needs of their customers including MSMEs, small traders and traders.
There are about half a dozen payment banks in the country.
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