The Reserve Bank of India announced in its Statement on Development and Regulatory Policies that the maximum end-of-day balance for payment banks has been increased to Rs 2 lakh (which was earlier one lakh) to encourage digital payments in the country and to broaden the capacity of payments banks to cater to the growing needs of their customers.

This is a positive step after a long and hard fight by the payments system and the other terms & conditions related to payment banks will remain unchanged.

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