The Reserve Bank has today granted 'in-principle' approval to Fino Payments Bank Limited (FPBL) for conversion into a Small Finance Bank (SFB).
Background
RBI has issued the Guidelines for 'on tap' licensing of SFBs in the private sector (the guidelines). As per the guidelines, existing Payments Banks which are controlled by residents and have completed five years of operations are eligible for conversion into SFBs. The application of FPBL was assessed as per the procedure laid down in the guidelines.
(Brij Raj)
Chief General Manager
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