What is the maximum permissible deposit limit allowed per customer in a single account for 'Payments Banks' operating in India as per recent RBI guidelines?

💡 Solution & Explanation

The Reserve Bank of India raised the maximum end-of-day balance limit per individual customer for payments banks to Rs. 2 lakh to encourage greater digital financial inclusion and savings mobilization. Payments banks are specialized institutions that can accept deposits and offer remittance services but are restricted from issuing loans or credit cards. These differentiated banks play a critical role in expanding the formal banking network across rural and semi-urban India.