Fino Payments Bank upgraded to scheduled business financial institution standing

Reserve Bank of India has notified that it has included Fino Payments Bank within the Second Schedule of the Reserve Bank of India Act, 1934. All banks that are included within the Second Schedule to the Reserve Bank of India Act, 1934 are Scheduled Banks. These banks comprise Scheduled Commercial Banks and Scheduled Co-operative Banks.

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Benefits of being a scheduled financial institution beneath the Reserve Bank of India Act, 1934:

  • Becomes eligible for money owed/loans on the financial institution fee from the RBI
  • Automatically acquires the membership of clearinghouse
  • Rediscount of first-class alternate payments from the RBI

Scheduled Commercial Banks in India are categorised into 5 totally different teams in keeping with their possession and/or nature of the operation. These financial institution teams are:

  • State Bank of India and its Associates
  • Nationalised Banks
  • Regional Rural Banks
  • Foreign Banks
  • Other Indian Scheduled Commercial Banks (within the non-public sector)

Important takeaways for all aggressive exams:

  • Chairman of Fino Payments Bank: Prof Mahendra Kumar Chouhan.
  • Fino Payments Bank established: 13 July 2006.
  • MD & CEO of Fino Payments Bank: Rishi Gupta.
  • Headquarters of Fino Payments Bank: Mumbai, Maharashtra.

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