TNPSC Thervupettagam

Maximum balance for payment banks

April 16 , 2021 1308 days 907 0
  • 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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