As per guidelines of the RBI, payments banks can accept demand deposits (savings and current) up to a maximum of.....per customer.

BANKING GENERAL KNOWLEDGE

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

As per guidelines of the RBI, payments banks can accept demand deposits (savings and current) up to a maximum of____per customer.

A	Rs 1, 00, 000
B	Rs 2, 00, 000
C	Rs 50, 000
D	Rs 5, 00, 000

Explanation:

Detailed explanation-1: -(i) As provided in the current RBI directions, PBs can accept only savings and current deposits. The aggregate limit per customer shall not exceed ₹100, 000, as provided in the Licensing Guidelines.

Detailed explanation-2: -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-3: -PAN is currently required for cash deposits of Rs 50, 000 or more per day. With these restrictions, a total annual threshold of Rs 20 lakh has been set. From which date it is applicableOn May 10, 2022, the Central Board of Direct Taxes (CBDT) issued a notification in this regard.

Detailed explanation-4: -In simple words, it can carry out most banking operations but can’t advance loans or issue credit cards. It can accept demand deposits (up to Rs 1 lakh), offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third party fund transfers.

Detailed explanation-5: -Payments bank are restricted to hold a maximum balance of Rs. 200, 000 per individual customer.

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