RBI Policy: Payments bank balance limit doubled to ₹2 lakh, Read here what more happened at the Policy meet

By WEB DESK On Apr 7, 2021

NEW DELHI: Reserve Bank of India with a view to strengthen financial inclusion has enhanced maximum balance limit for payments banks. Currently the limit on maximum end of day balance of Rs 1 lakh per individual has been increased to Rs 2 lakh from immediate effect.

RBI Governor Shaktikanta Das said that “With a view to furthering the financial inclusion and to expand the ability of payments bank to cater to the growing needs of their customers, the current limit on maximum end of day balance of ₹1 lakh is being increased to ₹2 lakh per customer with immediate effect.

Reserve Bank of India will soon issue a separate circular on the same.

Here is what more happened at the Policy meet-

Maximum end of day balance for payment banks doubled to ₹2 lakh
RTGS and NEFT facilities will be extended extends to digital payments intermediaries, beyond banks
Enhancing ways & means advance (WMA) limit to ₹47,010 crore, up 46% from current limit of ₹32,225 crore: RBI Governor
Governor Das says that a body will be set up to review the functioning of Asset Reconstruction Companies (ARCs) and recommend measures.
₹50,000 crore of lending support to be provided to Nabard, NHB and Sidbi as fresh lending in 2021
The TLTRO scheme is being extended by 6 months, up to September 30, 2021
To purchase ₹1 lakh crore of G-secs under G-SAP in Q1: Das
RBI Governor announces Secondary Market G-Sec Acquisition Programme 1.0; to purchase ₹25,000 crore of G-Secs on April 15 under G-SAP.
RBI will support market with adequate liquidity via its various tool kits: Governor
RBI is indirectly expanding liquidity. Have conducted liquidity for orderly market conditions: Das
CPI for FY22 is seen at 5.1%
Q1FY22 GDP growth outlook is 22.6 percent, and for Q2FY22 at 8.3 percent, said the governor
GDP growth outlook for FY22 is maintained at 10.5 percent. The MPC had projected this estimate during the previous policy announcement.
Rural demand remains resilient, urban demand gaining traction and should pick up: Governor Das
RBI Governor Shaktikanta Das says vaccine distribution & its efficacy is key to global economic recovery
MPC voted unanimously to leave repo rate unchanged
Marginal standing facility and bank rate kept unchanged at 4.25%
RBI keeps repo rate unchanged at 4%, maintains accommodative stance; Reverse repo rate stands at 3.35%