diff --git a/core/src/banking_stage.rs b/core/src/banking_stage.rs
index 3ce4db6b5..cdef038b6 100644
--- a/core/src/banking_stage.rs
+++ b/core/src/banking_stage.rs
@@ -86,9 +86,6 @@ const MIN_THREADS_BANKING: u32 = 1;
 const MIN_TOTAL_THREADS: u32 = NUM_VOTE_PROCESSING_THREADS + MIN_THREADS_BANKING;
 const UNPROCESSED_BUFFER_STEP_SIZE: usize = 128;
 
-const MAX_RECEIVE_BATCH_SIZE_PER_ITERATION: usize = 50_000;
-const MAX_RECEIVE_TIME_MS_PER_ITERATION: u64 = 50;
-
 pub struct ProcessTransactionBatchOutput {
     // The number of transactions filtered out by the cost model
     cost_model_throttled_transactions_count: usize,
@@ -1982,18 +1979,27 @@ impl BankingStage {
     fn receive_until(
         verified_receiver: &CrossbeamReceiver<Vec<PacketBatch>>,
         recv_timeout: Duration,
-        batching_timeout: Duration,
-        batch_size_upperbound: usize,
+        packet_count_upperbound: usize,
     ) -> Result<Vec<PacketBatch>, RecvTimeoutError> {
         let start = Instant::now();
         let mut packet_batches = verified_receiver.recv_timeout(recv_timeout)?;
+        let mut num_packets_received: usize =
+            packet_batches.iter().map(|batch| batch.packets.len()).sum();
         while let Ok(packet_batch) = verified_receiver.try_recv() {
-            trace!("got more packets");
+            trace!("got more packet batches in banking stage");
+            let (packets_received, packet_count_overflowed) = num_packets_received
+                .overflowing_add(packet_batch.iter().map(|batch| batch.packets.len()).sum());
             packet_batches.extend(packet_batch);
-            if start.elapsed() >= batching_timeout || packet_batches.len() >= batch_size_upperbound
+
+            // Spend any leftover receive time budget to greedily receive more packet batches,
+            // until the upperbound of the packet count is reached.
+            if start.elapsed() >= recv_timeout
+                || packet_count_overflowed
+                || packets_received >= packet_count_upperbound
             {
                 break;
             }
+            num_packets_received = packets_received;
         }
         Ok(packet_batches)
     }
@@ -2013,8 +2019,7 @@ impl BankingStage {
         let packet_batches = Self::receive_until(
             verified_receiver,
             recv_timeout,
-            Duration::from_millis(MAX_RECEIVE_TIME_MS_PER_ITERATION),
-            MAX_RECEIVE_BATCH_SIZE_PER_ITERATION,
+            buffered_packet_batches.capacity() - buffered_packet_batches.len(),
         )?;
         recv_time.stop();