Categories: Banking

Fino Payments Bank upgraded to scheduled commercial bank status

Reserve Bank of India has notified that it has included Fino Payments Bank in the Second Schedule of the Reserve Bank of India Act, 1934. All banks which are included in the Second Schedule to the Reserve Bank of India Act, 1934 are Scheduled Banks. These banks comprise Scheduled Commercial Banks and Scheduled Co-operative Banks.

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Benefits of being a scheduled bank under the Reserve Bank of India Act, 1934:

Becomes eligible for debts/loans at the bank rate from the RBI
Automatically acquires the membership of clearinghouse
Rediscount of first-class exchange bills from the RBI

Scheduled Commercial Banks in India are categorised into five different groups according to their ownership and/or nature of the operation. These bank groups are:

State Bank of India and its Associates
Nationalised Banks
Regional Rural Banks
Foreign Banks
Other Indian Scheduled Commercial Banks (in the private sector)

Important takeaways for all competitive exams:

Chairman of Fino Payments Bank: Prof Mahendra Kumar Chouhan.
Fino Payments Bank established: 13 July 2006.
MD & CEO of Fino Payments Bank: Rishi Gupta.
Headquarters of Fino Payments Bank: Mumbai, Maharashtra.

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Sumit Arora

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.