Government takes big decision for small businessmen, now can keep so many lakhs of rupees in mobile wallet

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This change has been made with immediate effect with the intention of increasing their capacity to meet the needs of small businessmen, including MSMEs.

Payment bank

The government has taken a big decision in the interest of micro, small and medium enterprises (MSME) and small businesses. The Reserve Bank of India (RBI) has increased the limit of holding a maximum amount by a customer in the payment banks from Rs 1 lakh to Rs 2 lakh. This change has been made with immediate effect with the intention of increasing their capacity to meet the needs of small businessmen, including MSMEs. RBI Governor Shaktikanta Das announced this effect after a meeting of the Monetary Policy Committee on Wednesday. Till now this limit for payment banks was 1 lakh rupees per individual customer.

RBI said in a circular, considering the progress in the financial inclusion sector of the payment banks and providing more flexibility in functioning to these banks, the limit of keeping the maximum amount per individual customer at the end of the day increased from Rs 1 lakh to Rs 2 lakh. It has been decided to do.

There are currently about 6 payment banks in the country.

The decision to double the amount of holding in the account is based on a review of the functioning of the payment banks and with the intention of encouraging their efforts for financial inclusion. At the same time they have to be able to cater to the needs of customers including MSMEs, small traders and traders. There are currently about six payment banks in the country.

All prepaid instruments (PPIs) like mobile wallets and prepaid cards will now work like banks. Customers of fintech and payment companies will also be able to transfer money through RTGS and NEFT. This facility will be provided even to non-bank payment systems. This has been extended to prepaid payment instruments, card networks, white label ATM operators.

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Bhagyashree Soni
Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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