Acceptance of demand deposits. Payments bank will initially be restricted to holding a maximum balance of.....per individual customer.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Acceptance of demand deposits. Payments bank will initially be restricted to holding a maximum balance of____per individual customer.

A	Rs 1 lakh
B	Rs 5 lakh
C	Rs 50 lakh
D	Rs 10, 000

Explanation:

Detailed explanation-1: -Payment banks can take deposits up to Rs. 2, 00, 000. It can accept demand deposits in the form of savings and current accounts. The money received as deposits can be invested in secure government securities only in the form of Statutory Liquidity Ratio (SLR).

Detailed explanation-2: -Q. What is the maximum amount of balance can be maintained an individual in payments bank? Notes: The Reserve Bank of India (RBI) has doubled the maximum limit of funds account holders of payments bank can keep in their bank account to ₹2 lakh.

Detailed explanation-3: -Considering the progress made by PBs in furthering financial inclusion and with the objective of giving more flexibility to the PBs, it has been decided to enhance the limit of maximum balance at the end of the day from ₹1 lakh to ₹2 lakh per individual customer of PBs with immediate effect.

Detailed explanation-4: -Fino Payments Bank Goes Live With Deposit Limit of Rs 2 Lakh.

There is 1 question to complete.