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Maximum balance for payment banks
April 16 , 2021
1130 days
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- The Reserve Bank of India enhanced the limit of maximum end of day balance for the payment banks.
- It is from Rs. 1 lakh per individual to Rs. 2 lakhs.
Payments banks
- It is an Indian new model of banks conceptualised by the Reserve Bank of India (RBI)
- It is like any other bank, but operating on a smaller or restricted scale (Airtel Payments Bank, India Post Payments Bank, etc.).
- These banks cannot issue loans and credit cards.
- Both current account and savings accounts can be operated by such banks.
- Payments banks can issue ATM cards or debit cards and provide online or mobile banking.
- Bharti Airtel set up India's first payments bank.
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