Fino Payments Bank (FPB) has announced the launch of a sweep account facility in association with Suryoday Small Finance Bank (SSFB). This partnership will help FPB address the issue of deposit limits that all the payment banks face at the moment.
As per the Reserve Bank of India (RBI), payment banks can only take deposits upto Rs1 lakh per account. However the partnership would allow customers to seamlessly transfer the excess amount from their account in FPB to SSFB (partner bank) account.
Source- The Hindu Business Line
Static/Current Takeaways Important For NIACL AO Mains Exam:
- Fino Payments Bank Registered Office: Mumbai, MD & CEO: Rishi Gupta, .
- Suryoday Small Finance Bank Headquarter: Navi Mumbai, CEO & MD: R Baskar Babu.
- हिंदी में पढ़े