RBI fines Fino Payments Bank ₹29.6 lakh for regulatory breaches
The RBI imposed a penalty of ₹29.6 lakh on Fino Payments Bank Limited for non-compliance with certain directions on Licensing of Payments Banks. "The bank breached regulatory ceiling of end of the day balance, as applicable for a payments bank, in certain accounts on several occasions," RBI said. The penalty, however, doesn't address validity of bank's customer transactions or agreements.