Payment Bank client’s balance limit doubled

The RBI has doubled the restrict of most steadiness that a person buyer can maintain with funds banks (PBs) to ₹2 lakh from ₹1 lakh earlier with fast impact to increase the power of lenders to cater to the wants of MSMEs and different companies. The announcement on this regard was made by RBI Governor Shaktikanta Das after the assembly of the Financial Coverage Committee on Wednesday.The extant norms permit funds banks (PBs) to carry a most steadiness of ₹1 lakh per particular person buyer.“Contemplating the progress made by PBs in furthering monetary inclusion and with the target of giving extra flexibility to the PBs, it has been determined to boost the restrict of most steadiness from ₹1 lakh to ₹2 lakh per particular person buyer with fast impact,” the RBI mentioned.The choice to double the restrict was based mostly on a evaluate of the efficiency of funds banks and with a view to encourage their efforts for monetary inclusion and to increase their means to cater to the wants of their prospects, together with MSMEs, small merchants and retailers.There are about half a dozen funds banks within the nation.

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