Case Brief
On October 31, 2018, RBI imposed a monetary penalty of ₹10 million on FINO Payments Bank Limited under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949. The penalty was imposed because the bank contravened RBI’s direction to stop opening new accounts until further instructions, which had been issued due to violations of certain licensing conditions and operating guidelines for payments banks.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 Cr
- Entity Type
- Bank
- Action Type
- Monetary penalty
- Order Date