Fino Payments Bank, one of India’s first payments banks, has been allowed to open new accounts by RBI after it submitted a compliance report. It had been barred by the central bank from adding new customers since the end of May.
An RBI audit revealed that some Fino accounts had deposits in excess of the stipulated amount of INR 1 lakh. Airtel Payments Bank were also barred from onboarding new customers earlier. In July, the RBI had lifted the ban on Airtel Payments Bank.
Source- Business Standards
Static/Current Takeaways Important For IBPS PO Mains Exam 2018:
- Currently, there are five payment banks operating in the country – Paytm, Airtel, Fino, and Aditya Birla-Idea Payments Bank and India Post Payments Bank.