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Big relief to account holders, now you can double transfer money from payment app

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New Delhi. The Reserve Bank of India (RBI) has raised the limit for online rupee transfer through payment bank to two lakh rupees, a day after RBI Governor Shaktikanta Das announced the central bank’s decision to increase the limit. The RBI has since officially announced it.

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Doubled limit
To promote online payments, RBI has announced a new credit policy. This policy is for your online payment, mobile payment, card payment. The effect of this policy will be on the mobile payment app. Earlier, where the limit for transfer of rupees in a day was just one lakh rupees, now it has been doubled.

Can also be considered
The RBI says that most of the limits have been raised with the objective of furthering financial inclusion and making payment banks more flexible. In a circular issued by RBI to the Payment Back CEO, it is also stated that after looking at the performance of the payment banks, the RBI may also consider increasing the maximum balance limit.

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It was earlier given relief on NEFT and RTGS
The central bank RBI has taken an important decision in the first monetary policy for the financial year 2021-22. Membership of RTGS and NEFT, a centralized payment system operated by RBI for non-bank payment institutions, has been allowed. With this proposal of RBI, non-bank payment systems like PPIs, card networks, wide level ATM operators will also be able to subscribe to RTGS and NEFT operated by the central bank.

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