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RBI slaps $137k fine on Fino Bank for violating order

Nov 6, 2018 by The Passage Team
RBI slaps $137k fine on Fino Bank for violating order

Mumbai-based newly licenced bank Fino Payments Bank has been slapped a fine of Rs 1 crore (USD 137 thousand) by the central bank, said the Reserve Bank of India in a press note on its website on Wednesday.

“The Reserve Bank of India (RBI) has, on October 31, 2018, imposed a monetary penalty of Rs 1 crore on Fino Payments Bank Limited (the bank) for contravention of the direction to stop opening of new accounts until further instructions…,” said the regulator in the release. ET sent a questionnaire to Fino and we will update once we hear back.

Fino Payments Bank was asked to stop all account opening activities after the RBI found out that there were few accounts with the bank with deposits in excess of Rs 1 lakh, which goes against the licensing criteria of a payments bank.

Source: ETtech

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