FINO Payments Bank Limited commences operations

FINO Payments Bank Limited commences operations

Date : Jun 30, 2017

FINO Payments Bank Limited commences operations

FINO Payments Bank Limited has commenced operations as a payments bank with effect from June 30, 2017. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India.

FINO PayTech Limited, Navi Mumbai was one of the 11 applicants which were issued in-principle approval for setting up a payments bank, as announced in the press release on August 19, 2015.

Jose J. Kattoor

Chief General Manager

Press Release: 2016-2017/3534

Source:RBI