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RBI Doubled Deposit Limit for Payment Banks

Published on April 09, 2021
Current Context: The Reserve Bank of India announced to raise the limit of maximum balance at the end of the day for payment banks.
RBI Doubled Deposit Limit for Payment Banks
  • The maximum balance limit for the end of the day is increased from Rs 1 lakh to Rs 2 lakhs.
  • As per the 'Guidelines for Licensing of Payments Banks' which was issued on 27th Nov 2014, the payments banks were allowed to have the maximum balance of Rs 1 lakh per individual customer. But, the payment banks were asking for a hike in this deposit limit for a long time.
  • Based upon the performance of payments banks, to expand their businesses, and to meet their customer needs, RBI has taken the decision to raise the limit to Rs 2 lakhs.
  • Also recently, RBI has extended the National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) facilities to digital payments intermediaries which was earlier allowed to only banks.
  • Static Part: 
    • HQ of RBI: Mumbai
    • Governor of RBI: Shaktikanta Das

Question: 

Q.1 RBI has raised the limit of maximum balance at the end of the day for payment banks from Rs 1 lakhs to Rs ____ per individual customer?
a. Rs 1.5 lakhs
b. Rs 2 lakhs
c. Rs 2.5 lakhs
d. Rs 3 lakhs
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