As per guidelines of the RBI, payments banks can accept demand deposits (saving and current) up to a maximum of how much amount per customer?

Options

A. Rs. 100000
B. Rs 200000
C. Rs. 50000
D. Rs 500000

Answer

A

Explanation

As per guidelines of the RBI, payments banks can accept demand deposits - saving and current -up to a maximum of Rs. 1 lakh per customer. To overcome this restriction of holding a maximum balance of Rs 1 lakh per customer, payments banks have entered into tie-ups with mainline banks so that balances over Rs. 1 lakh can be converted into fixed deposits with the latter.