Fino to hold off on new accounts

The RBI has asked Fino Payments Bank not to open new accounts after finding some of the accounts had more than ₹1 lakh. According to norms, the aggregate limit for a customer of a payments bank is ₹1 lakh.

“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,” the lender said. “Towards this directive, we are in the process of making necessary product and technology changes,” it said.