Fino Payments Bank on the status of New Account Opening

Statement from Fino Payments Bank

Mumbai, 01 Aug 2018. “As per RBI’s operating guidelines for payments banks the aggregate limit for customer in his/her bank account shall not exceed Rs 1 lakh. It was observed that a few Fino Payments Bank accounts had deposits in excess of this stipulated amount.

In this context, RBI directed Fino Payments Bank to put in place appropriate process to address the operating guidelines on deposit limits in customer accounts. In view of this development, RBI advised us not to open new accounts till the upgraded processes are in place.

Towards this directive, we are in the process of making the necessary product and technology changes.

Meanwhile, Fino Payments Bank continues to operate all existing accounts of our customers. We are also permitted to open minimal KYC wallets. As such our existing customers continue to do banking transactions be it deposits, withdrawal, money transfer, bill payments and third party offerings without any inconvenience.”