SUMMARY
Fino Payments Bank has received in-principle approval from the Reserve Bank of India (RBI) to convert into a small finance bank (SFB)
Under RBI’s “on-tap” licensing rules, a payments bank run by resident promoters and with at least five years of operations can apply for SFB status
Notably, Fino applied for the SFB licence in January last year. The regulatory clearance comes after a year marked by multiple compliance actions against the bank
Fino Payments Bank has received in-principle approval from the Reserve…
