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The Silicon Review Asia

RBI Imposes Fine on Fino Payments for Violating Rules

RBI Imposes Fine on Fino Payments for Violating Rules

The Reserve Bank of India has fined Fino Payments for 10 million rupees as the newly licensed bank failed to pay heed to the instructions given by the regulator. It was announced on Wednesday.

According to RBI, the monetary fine of Rs. 1 crore was imposed to Fino Payments on October 31. The fine was imposed for contravention of the direction to stop the opening of new accounts until further instructions.

The RBI instructed Fino Payments to further not to carry out any account opening activities because the newly licensed bank violated the licensing criteria as few of its accounts had deposits in excess of Rs 1lakh.

“RBI instructed Fino Payments Bank to put in place appropriate process to follow the operating guidelines on deposit limits in customer accounts , in accordance to that, RBI advised the bank not to open new accounts till the upgraded processes are in place,” said a Fino Payments Bank spokesperson in an official response to Economic Times.

Among other, Fino is one of those payment banks that came under RBI scanner and faced the wrath, such as Airtel Payments Bank and Paytm Payments Bank have faced heat for not obeying to the guidelines given.

However, both Fino and Airtel resumed their work, but Paytm Payments Bank have not stared its accounting activities yet.

It will be interesting to see how Fino Payments will deal with the situation.

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