Airtel Payments Bank has become the first payments bank in the country to allow a Rs 2 lakh day-end balance account cap, in accordance with RBI guidelines. Customers who have an Airtel Payments Bank account will now be able to save more money thanks to the raised cap. Remember that the Reserve Bank of India recently increased the overall balance that an individual customer can keep with a payments bank from Rs 1 lakh to Rs 2 lakh in order for such lenders to better serve the requirements of MSMEs and other companies. Paytm Payments Bank, India Post Payments Bank, Airtel Payments Bank, Fino Payments Bank, Jio Payments Bank, and NSDL Payments Bank are the payments banks that operate in this facility.
After the Monetary Policy Committee meeting, RBI Governor Shaktikanta Das made the announcement in this respect. Mr. Anubrata Biswas, MD & CEO at Airtel Payments Bank said "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. At Airtel Payments Bank, we have always believed that higher balance limits would enhance consumer usage of payments banks, as well as enable large sections of informal India, such as small merchants and traders, to access formal banking easily."
Bharti Airtel founded Airtel Payments Bank in January 2017 that offers customers with a plethora of financial facilities. Customers of Airtel Payments Bank can open a Savings Bank account, get complimentary personal accident insurance coverage of Rs 1 Lac, earn 3.0 percent interest, get an online debit card, deposit cash at any Banking Point, withdraw cash via banking points or select bank ATMs, purchase third-party insurance products, transfer money to any bank account in India via IMPS or UPI, pay utility bills, book travel tickets, recharge prepaid mobiles and so on.