FINO becomes payments bank

  • According to the Reserve Bank of India (RBI), ‘FINO Payments Bank’ has commenced operations as a payments bank with effect from 30th June 2017.
  • FINO PayTech Ltd was one of the 11 applicants which were issued the in-principle approval for setting up a payments bank.
  • Other applicants which have launched payment bank operations are ‘Airtel M Commerce Services’, ‘Department of Posts’ and ‘Paytm Payments Bank’.
About FINO :
  • Fino Paytech was founded on 13th July 2006 is headquartered at Mumbai.
  • The payments bank will be registered as a public limited company under the Companies Act, 2013 and licensed under Section 22 of the Banking Regulation Act, 1949.
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