Current Affairs Economy & Banking

RBI Lifts The Ban On Fino Payments Bank To Open New Accounts

Category : Economy & Banking

  Fino Payments Bank, one of India’s first payments banks, has been allowed to open new accounts by RBI after it submitted a compliance report. It had been barred by the central bank from adding new customers since the end of May.  An RBI audit revealed that some Fino accounts had deposits in excess of the stipulated amount of INR 1 lakh. Airtel Payments Bank were also barred from onboarding new customers earlier.  In July, the RBI had lifted the ban on Airtel Payments Bank. 
Source- Business Standards


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