FINO Payments Bank has commenced operations as a payments bank with effect from 30th June 2017 according to the Reserve Bank of India. FINO PayTech Ltd, Mumbai, was one of the 11 applicants which were issued in-principle approval for setting up a payments bank.
Besides FINO, the other applicants which have launched payment bank operations are Airtel M Commerce Services, Department of Posts and Paytm Payments Bank.
Important Takeaways from above News-
- Fino Paytech was founded on 13th July 2006 is headquartered at Mumbai, with offices across India.
- The payments bank will be registered as a public limited company under the Companies Act, 2013 and licensed under Section 22 of the Banking Regulation Act, 1949.
Source- The Hindu Business Line