Infocomm Infocomm
24th NBFC100 TECH SUMMIT AWARDS 24th NBFC100 TECH SUMMIT AWARDS
BFSI AI SUMMIT BFSI AI SUMMIT
Home Regulators RBI SEBI TechINFRA Security Data Centre Cloud Services Government Reforms DBT Aadhaar GST Payments Payment Gateways ATM Point of Sale Payment Wallets Fintech Apps Banks Public Sector Private Sector Cooperative NBFCs Year Ender Magazine Magazine Subscription Articles Interviews Webinars Webinar Videos Video Series — Innovation Talk Upcoming Initiatives BFSI Events About Us Contact Us

Fino Payments Bank can now open new accounts, RBI lifts ban

Fino Payments Bank

Almost after five months of being banned from opening new accounts or adding new customers, one of India’s first payments banks Fino Payments Bank has been allowed by the Reserve Bank of India (RBI) to resume its stopped services.

Fino Payments BankThe development took place after the bank submitted the compliance report to the central bank.

Advertisementnbfc 100

Since the end of May this year, the bank was unable to enrol new after RBI found it to be non-compliant with the operational guidelines laid down by it.

“RBI has lifted the prohibition on Fino Payments Bank to open new accounts,” said the bank in is official communiqué.

Advertisement24th Elets NBFC100 Tech Summit & Awards, Mumbai

“It may be noted that RBI had prohibited Fino Payments Bank from opening any new accounts on account of violations of certain licensing conditions and operating guidelines. However, no restrictions were placed by RBI on the bank for servicing existing customers,” the bank added.

AdvertisementWorld AI Summit 2026 | Bengaluru

In August the RBI found that the bank had deposits in excess of the stipulated amount.

AdvertisementElets BFSI AI Summit & Awards, Mumbai

As per RBI’s guidelines for payments banks, a customer can make deposits of up to Rs 1 lakh per account in a year. Such banks are not allowed to accept deposits beyond this limit.

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram.

Our Coverage of News

Federal Bank Appoints Virat Diwanji as Executive Director

Federal Bank has appointed Virat Diwanji as Executive Director, effective October 12, 2026, following approval from the Reserve… Read more →

NETSCOUT Launches nGenius Copilot to Accelerate Network Problem Solving with Conversational AI

October 1, 2026: NETSCOUT, a provider of network observability, AIOps, cybersecurity and DDoS protection solutions, has announced nGenius… Read more →

CUPI Targets Thousands of Businesses as B2B Expense Management Moves Towards Real-Time Payments

Bengaluru, September 30, 2026: CUPI, a digital business expense management platform, is targeting thousands of businesses over the… Read more →

AU Small Finance Bank Crosses 1,000 Microfinance Branches, Reaches 20 Lakh+ Customers

AU Small Finance Bank (AU SFB) has crossed the milestone of 1,000 Microfinance & Financial Inclusion Business (MFIB)… Read more →

Apple Pay Launches in India with Axis Bank Cards, Expands Contactless Payment Options

Apple has launched its Apple Pay payments service in India, allowing users to make contactless payments using compatible… Read more →

Melento Partners with Gnani AI to Bring Voice AI Agents to Global Enterprise Customers

Bengaluru-based enterprise agentic AI company Melento, formerly known as SignDesk, has announced a collaboration with frontier AI company… Read more →