Fino Payments Bank fined by RBI for breaking rules
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The Reserve Bank of India (RBI) on Friday announced that it has imposed a fine of Rs 29.6 lakh on Fino Payments Bank Limited. The penalty is for not following certain rules related to the Licensing of Payments Banks The RBI carried out a regular check (called the Statutory Inspection for Supervisory Evaluation or ISE 2024) of the bank's operations as of March 31, 2024. During this inspection, the central bank found that the bank had not followed all its guidelines.After this, the RBI sent a notice to Fino Payments Bank, asking them to explain why a penalty should not be charged for these lapses. The bank gave a written reply and also made a statement in person. However, after reviewing everything, the RBI decided that the bank had indeed broken the rules.According to the RBI, the bank allowed the end-of-day balance in some customer accounts to go beyond the limit set for payments banks. And this happened several times."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 apex bank said in a release.The RBI clarified that the fine was only for regulatory shortcomings. It does not question the legality of any deal or agreement the bank had with its customers.Inputs from PTI
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