As per the Reserve Bank of India (RBI) guidelines, Airtel Payments Bank announced on Sunday that it has become the first payment bank in the country to have a limit of Rs 2 lakh a day.
New Delhi: As per the Reserve Bank of India (RBI) guidelines, Airtel Payments Bank announced on Sunday that it has become the first payment bank in the country to have a limit of Rs 2 lakh a day. The bank has increased the balance limit of one day from 1 lakh to 2 lakh rupees. “The RBI’s decision to increase the balance limit is a decision to help Payments Banks to advance financial and digital inclusion in India,” said Anubrata Biswas, MD and CEO of Airtel Payments Bank.
“At Airtel Payments Bank, we have always believed that the highest balance limit payments will increase consumer usage of banks, as well as enable large sections of informal India, such as small traders, to have easy access to formal banking,” Biswas said.
Bank deposits are insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly owned subsidiary of RBI. Airtel Payments Bank has 55,00,000 users and serves them through technology and a retail-based distribution network. Airtel Bank has built its strong network with 5,00,000 neighboring banking points, which is more than all bank branches and ATMs in India.
