Bharti Airtel’s e-finance service, Airtel Payments Bank, will now allow users to keep a maximum of Rs 2,00,000 in their accounts which has increased from the earlier maximum limit of Rs 1,00,000. Users will be able to save more with the increased balance allowance.
Further, Airtel Payments Bank has become the first payments bank in India to avail such a high limit of day-end balance to the users. All the deposits are secured under the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the Reserve Bank of India (RBI).
According to a release from the company, the Airtel Payments Bank has 55 million engaged users. However, as per Sunil Bharti Mittal, it has 15 million monthly active users. The Airtel Payments Bank has a robust network of 5,00,000 neighbourhood banking points present all across India. The banking points enable users to transact money more conveniently.
Increased Balance Limit to Enhance Consumer Usage of Airtel Payments Bank
The Airtel Payments Bank will see an enhanced consumer usage since the maximum allowance limit has increased. Users will be able to make more transactions in a given time frame since they will be able to keep more money in the account.
A few days back, the Reserve Bank of India (RBI) had increased the maximum limit of money users could keep in their payments bank savings account from Rs 1,00,000 to Rs 2,00,000. This gave Airtel the flexibility to increase the maximum limit of balance in its saving account to Rs 2,00,000 as well.
The previous limit of Rs 1,00,000 was set through an order released in 2014. The times have changed, and the way people transact money has changed too. Keeping that in mind, the RBI has increased the maximum balance limit for the users. It will help them in making more transactions and let the economy keep up with increased demand for online money transaction services.