The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 29.60 lakh (Rupees Twenty Nine Lakh Sixty Thousand only) on Fino Payments Bank Limited for non-compliance with certain directions issued by RBI on Licensing of Payments Banks.
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| RBI Imposes Rs 29.6 lakh Penalty on Fino Payments Bank |
RBI Imposes ₹29.6 lakh Penalty on Fino Payments Bank
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹29.60 lakh on Fino Payments Bank Limited for non-compliance with certain directions issued by RBI on Licensing of Payments Banks.
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This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
RBI Imposes Penalty on Fino Payments Bank: Background
The Statutory Inspection for Supervisory Evaluation (ISE 2024) of the bank was conducted by RBI with reference to its financial position as on March 31, 2024.
RBI found that the following charge against the bank was sustained, warranting imposition of monetary penalty:
- The bank breached the regulatory ceiling of end of the day balance, as applicable for a payments bank, in certain accounts on several occasions.
The action is based on the deficiencies in the regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.
About Fino Payments Bank
Fino Payments Bank was founded on 4 April 2017. Fino Payments Bank is an invested bank by ICICI Bank, BPCL, Blackstone, IFC. We are present at 724671 banking outlets, 54 bank branches and 130 customer care centres.
Vision of Fino Payments Bank
Vision of Fino Payments Bank to catalyze nation building by making every citizen financially secure.
Mission of Fino Payments Bank
The mission of Fino Payments Bank is to become the preferred bank for our customers by providing the simplest and most accessible financial services to grow their wealth.
Reserve Bank of India (RBI)
The Reserve Bank of India was established on April 1, 1935 according to the provisions of the Reserve Bank of India Act, 1934. The headquarters of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937.
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Initially the bank was privately owned, but since nationalization in 1949 it is fully owned by the Government of India.
Governor of RBI
The current Governor of the Reserve Bank of India is Sanjay Malhotra. He replaced Shaktikanta Das as the governor.
Deputy Governor of RBI
The 4 Deputy Governors are appointed in the Reserve Bank of India (RBI), who are as follows.
- M. Rajeshwar Rao
- T. Rabi Sankar
- Swaminathan J
- Dr Poonam Gupta
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Static Current Affairs related to RBI for upcoming exams
- Establishment: 1 April 1935
- Headquarters: Mumbai, Maharashtra
- Governor: Sanjay Malhotra
- Deputy Governor: Swaminathan J, M. Rajeshwar Rao, T. Rabi Sankar and Poonam Gupta
- Ownership: Ministry of Finance , Government of India
Static Current Affairs related to Fino Payments Bank for upcoming exams
- Formation: 4th April 2017
- Managing Director & CEO: Rishi Gupta
- Part-Time Chairman & Independent Director: Rajat Kumar Jain
- Independent Directors: Deena Mehta, Rakesh Bhartia, Anita Sudhir Pai and Neeta Mukerji
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