The Reserve Bank of India (RBI) said it has imposed a penalty of INR 29.6 Lakh on Fino Payments Bank for non-compliance with certain directions on ‘licencing of payments banks’.
The Statutory Inspection for Supervisory Evaluation (ISE 2024) of the bank was conducted by the RBI with reference to its financial position as of March 31, 2024. During this inspection, the central bank found that the bank had not followed all its guidelines.
Based on the supervisory findings of non-compliance and related correspondence in that regard, the RBI said that a notice was issued to the Fino Payments Bank, advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.
In a regulatory filing, Fino Payments Bank said that RBI spotted the non-compliance with regard to the licensing guidelines for payments banks, wherein ‘end of day’ balance was more than prescribed limit of INR 2 Lakh in case of four accounts of the bank for the period from February to November, 2023.
Shares of the company closed 3.5% higher at INR 291.8 apiece on the BSE yesterday, compared to its previous close of INR 282.05 per share.
(The story will be updated soon.)
The post RBI Fines Fino Payments Bank INR 29.6 Lakh For Flouting Licencing Rule appeared first on Inc42 Media.
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