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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