RBI lifts prohibition on account opening
23 Oct 2018
Statement from Fino Payments Bank
Mumbai, 23 Oct 2018. The Reserve Bank of India (RBI) has lifted the prohibition on Fino Payments Bank to open new accounts.
It may be noted that the RBI had prohibited Fino Payments Bank from opening any new accounts on account of violations of certain licensing conditions and operating guidelines. However, no restrictions were placed by RBI on the bank for servicing existing customers.
RBI lifted the prohibition on account opening effective 22nd October 2018, after Fino Payments Bank submitted its compliance.
Fino Payments Bank continued its focus on expansion of distribution network across rural and urban areas, cross selling of third party products and providing cash withdrawal services through micro ATMs.
The bank currently has 400 plus banking outlets and over 50000 access points. In May 2018, Fino went digital with the launch UPI and Net banking along with mobile banking app BPay.
