Current Affairs - Banking - Discussion

Reserve Bank of India observed that a few Fino Payments Bank accounts had deposits in excess of the stipulated amount of ₹1 lakh. According to RBI's operating guidelines for payments banks, a customer can make deposits of up to ₹1 lakh per account in a year. Such banks cannot accept deposits beyond this limit. RBI has imposed similar restrictions on Paytm Payments Bank (on June 20) and Airtel Payments Bank (in January) which are also not able to on-bard new customers.