Payments bank deposit limit doubled by RBI
Payments bank aims to further financial inclusion, especially through savings accounts and payments services
The central bank introduced payments banks in the country to enhance financial inclusion
In a bid to promote digital payments banks in the country, the Reserve Bank of India (RBI) on Wednesday announced that it has increased the maximum end of day balance for payment banks to ₹2 lakh. Earlier, the limit was ₹1 lakh. Payments banks have been asking a hike in deposit limit for a long time.