RBI decision: Paytm-PhonePe wallet will be able to keep 2 lakh rupees, big announcement on RTGS and NEFT too
Business Desk: The Reserve Bank of India (RBI) has taken important decisions for payment banks. In the monetary policy of RBI, on Wednesday, including Digital Payments Bank, Paytm Payments Bank, Airtel Payments Bank, India Post Payments Bank got a big incentive. The central bank has increased the deposit limit for payment banks. The bank has now increased it from Rs 1 lakh to Rs 2 lakh. Explain that for a long time, the payment banks were demanding to increase the deposit limit. Now they will get relief from this decision of RBI.
Approval of non-bank payment systems to be linked with RTGS and NEFT The central bank RBI has approved joining centralized payment system RTGS and NEFT with non-bank payment system. Now customers of fintech and payment companies will be able to transfer funds through them. Earlier this facility was available only to customers of banks and exceptionally to some other non-banks. 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.
Through RTGS (Real Time Gross Settlement), an amount of more than 2 lakh rupees can be transferred at any time i.e. 24 hours. Apart from this, funds up to Rs 2 lakh can be transferred through NEFT (National Electronic Fund Transfer).
What is RTGS?
RTGS stands for Real Time Gross Settlement System. 'Real time' means instant. Meaning as soon as you transfer money, it reaches the account in no time. When you make a transaction through RTGS, money is immediately transferred to another account.
What is NEFT?
NEFT stands for National Electronic Funds Transfer. NEFT is used for transactions up to two lakh rupees via the Internet. Through this, money can be sent from any bank account of any branch to the bank account of any branch.