The Reserve Bank of India (RBI) has doubled the limit of maximum balance that an individual customer can hold with Payments Banks. Additionally, while your mobile wallets may soon turn into a bank as they will be allowed to transfer and get funds, just like you do with your bank account.
Henceforth, Payments Banks can hold a maximum balance of Rs 2 lakh per individual customer at the end of the day.
To promote optimal utilization of payment instruments (like cards, wallets, etc.), and given the constraint of scarce acceptance infrastructure (like PoS devices, ATMs, QR codes, bill-payment touchpoints, etc.), the Reserve Bank of India has been stressing the benefits of interoperability amongst the issuing and acquiring entities alike, banks or non-banks.
It is, therefore, proposed to make interoperability mandatory for full-KYC PPIs and for all acceptance infrastructure. To incentivize the migration of PPIs to full-KYC, it is proposed to increase the limit of the outstanding balance in such PPIs from the current level of Rs 1 lakh to Rs 2 lakh, an RBI statement said.