RBI hikes banks' bulk deposit limit to 3 crore from 2 crore

RBI on Friday announced it has proposed changing the definition of bulk deposits for scheduled commercial banks and small finance banks to ₹3 crore and above. The limit was set at ₹2 crore and above in 2019. For local area banks, the definition of bulk deposits is proposed to be "single rupee term deposits of ₹1 crore and above".