Reserve Bank of India has approved Fino Payments Bank for commencing international (Cross Border) remittance business under the Money Transfer Service Scheme (MTSS). The approval will enable the customers of Fino Payments Bank to receive money sent from foreign countries. The Bank plans to implement the service in its mobile applications as well and it also plans to partner with more leading money transfer operators (MTOs) to improve its cross-border remittance.
What are the benefits of the bank?
- The Bank will be undertaking inward cross-border money transfer activities and will be partnering with an overseas principal.
- It has also received the approval to partner with one of the largest global remittance service providers as its overseas principal.
- The customer segment of Fino Bank at the middle of the pyramid is targeted to families of many of the people working in foreign countries.
- The money remitted by family members abroad can now be directly withdrawn at the nearest micro-ATM or Aadhaar-Enabled Payment Services (AEPS) enabled Fino Bank’s neighbourhood merchant point.
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.