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The RBI has imposed a monetary penalty of ₹1 crore on FINO Payments Bank for contravention of the direction to stop opening of new accounts until further instructions.
“The RBI has imposed a monetary penalty of ₹1 crore...on account of violation of certain licensing conditions and operating guidelines for payments bank,” the central bank said in a statement.
This penalty was imposed (on October 31) in exercise of powers vested in the RBI under the provisions of the Banking Regulation Act, 1949.
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