Fino Payments Bank Limited has informed the Exchange about order passed by the RBI.
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The Reserve Bank of India has imposed a penalty of ₹29.60 lakhs on Fino Payments Bank for non-compliance with payments bank licensing guidelines. The issue was flagged during the RBI's Statutory Inspection for Supervisory Evaluation (ISE 2024), where 4 accounts were found to have End of Day balances exceeding the prescribed limit of ₹2 lakhs between February 2023 and November 2023. The penalty was levied under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, following a Show Cause Notice dated April 28, 2025 and a personal hearing on June 4, 2025. Importantly, the bank had self-identified the issue and implemented process modifications in November 2023, prior to the statutory inspection, and no further action is required.
The penalty amount is relatively small for a bank and the issue was self-identified and corrected before the inspection, suggesting limited financial or operational damage. However, the disclosure highlights minor compliance gaps in the bank's payments bank account management during 2023.