Highlights
Increase from Rs 1 lakh to Rs 2 lakh.
Maximum end-of-day balance hiked.
New Delhi: In-line with the Reserve Bank of India’s (RBI s) guidelines, Airtel Payments Bank has announced that it has become the first payments bank in the country to enable Rs 2 lakh day-end balance account limit. Customers having an account with Airtel Payments Bank will be able to save more with this increased limit.
The Bank deposits are insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC) which is a wholly owned subsidiary of the RBI.
Airtel Payments Bank has 55 million engaged users and serves them through technology and a retail-based distribution network. The Bank has built a strong network of over 500,000 neighborhood banking points, which is bigger than the total number of bank branches and ATMs in India. These neighborhood banking points take services closer to the customer and have even reached deep rural pockets that never had access to banking services.
Airtel Payments Bank increases day-end balance limit
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Airtel Payments Bank doubles day-end balance limit Details inside
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Airtel Payments Bank increases day-end balance limit to Rs 2 lakh
By IANS |
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New Delhi, April 18 : In line with the Reserve Bank of India s (RBI) guidelines, Airtel Payments Bank on Sunday announced that it has become the first payments bank in the country to enable Rs 2 lakh day-end balance account limit.
The bank has increased the day-end balance limit to Rs 2 lakh from Rs 1 lakh. The RBI s decision to increase the balance limit is an endorsement of the role Payments Banks have in furthering financial and digital inclusion in India. We are glad to enable this increased day-end balance limit for our customers, Anubrata Biswas, MD and CEO, Airtel Payments Bank, said in a statement.
Fintech boost
Fintech players have a key role to play in financial inclusion - istock.com/Jirsak×
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At the recently concluded Monetary Policy Committee meeting, the Reserve Bank decided to allow prepaid payment instruments to enter into a range of quasi-banking functions. This will give a further impetus to achieving financial inclusion goals. Notwithstanding the recent steps to expand access to banking services, there have been hurdles in the usage of services offered by fintech players and prepaid payment instruments like wallets. For instance, after the RBI released its Master Directions in October 2017, digital wallets were to become interoperable within six months. Three years later, they are still functioning in a walled garden approach, thus locking up users to specific platforms. Now, the RBI has made it mandatory for wallets to become interoperable, allowing users to transact irrespective o