RBI imposes monetary penalty on Fino Payments Bank Limited

Case Brief

By an order dated June 06, 2025, RBI imposed a monetary penalty of Rs 29.60 lakh on Fino Payments Bank Limited. The bank was found to have breached RBI’s regulatory ceiling for end-of-day balances, applicable to payments banks, in certain accounts on several occasions. The action followed the Statutory Inspection for Supervisory Evaluation (ISE 2024), a show-cause notice, and consideration of the bank’s reply and oral submissions. RBI stated that the penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, and that it was without prejudice to any other action that may be initiated against the bank.