&w=3840&q=100)
RBI fines Fino Payments Bank ₹29.6 lakh for licencing rule breach
Press Trust of India Mumbai
The RBI on Friday said it has imposed a penalty of Rs 29.6 lakh on Fino Payments Bank Limited for non-compliance with certain directions on 'Licensing of Payments Banks'.
The Statutory Inspection for Supervisory Evaluation (ISE 2024) of the bank was conducted by the RBI with reference to its financial position as of March 31, 2024.
Based on supervisory findings of non-compliance and related correspondence in that regard, the Reserve Bank said, a notice was issued to the Fino Payments Bank, advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.
After considering the bank's reply to the notice and oral submissions made during the personal hearing, the central bank found that the charge against the bank was sustained, warranting imposition of monetary penalty, it said.
"The bank breached the regulatory ceiling of end of the day balance, as applicable for a payments bank, in certain accounts on several occasions," the apex bank said in a release.
It, however, added that the action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Indian Express
22 minutes ago
- New Indian Express
SEBI's probe over Jane Street saga to get wider, covering all indices and exchanges: Sources
MUMBAI: The Securities Exchange Board (SEBI), which has debarred Jane Street Group from accessing the securities markets and impounded as much as Rs 4,843 crore of illegal gains from manipulating the Bank Nifty index, is probing the other indices apart from both the exchanges. It means that it is only the tip of the iceberg and that the ongoing probe, which is likely to take at least six more months to complete, will unearth much bigger negative surprises. SEBI sources who are aware of the ongoing probe said,"the current interim order is based on the probe into just three -- HDFC Bank, ICICI Bank and Kotak Bank, which constitute as much as 65 per cent of the index weighting -- of the 12 Bank Nifty stocks. For a more meaningful and conclusive outcome, the regulator is continuing to probe the trading patterns in the other nine bank nifty stocks as well as all other indices as well as both exchanges.' However, the sources quickly added that the regulator does not suspect that there are many other likely culprits. 'The interim order is not a show cause notice, and it clearly indicates that investigations into Jane Street will continue." On the timing of the order, a source said the regulator wanted to ensure that the market was not jolted on a normal day, so they chose the day after the expiry. On why SEBI rushed an interim report and not a final order, the source said that his underlying is that the SEBI felt that any delay would have lead to more losses for the harried retail investors as on each index expiry day, they were tricked to buying at a higher price and then forced to sell at a deep loss. "So, had they waited for a final order, it would have led to more losses, as they could easily take another six months at least, due to the kind of data mining they would have to do," the source added.
Time of India
an hour ago
- Time of India
Nod given to hire consultant for walk-in aviary at Kankaria Zoo
Ahmedabad: The heritage and recreational committee of the Ahmedabad Municipal Corporation (AMC) on Friday approved a proposal to appoint a consultant for the development of a walk-in aviary at Kankaria Zoo. Established in 1951, the zoo's bird enclosures have deteriorated over time. Many are too small, restricting the movement of birds and limiting the viewing experience for visitors. To address these issues, the AMC has decided to construct a walk-in aviary at cost of Rs 24 crore. A consultant will prepare the detailed project report (DPR), design the facility, assist in the tender process, and oversee project implementation. The consultant will receive a fee equivalent to 2.5% of the total project cost. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad Once the DPR is finalized, the AMC will initiate the tender process for construction of the aviary.
Time of India
an hour ago
- Time of India
Women-led milk cooperatives grew by 21% in five years: Govt
SLUG: INTERNATIONAL COOPERATIVE DAY Gandhinagar: Women-led cooperatives in Gujarat have grown by 21% over the past five years, with their annual revenue crossing Rs 9,000 crore, the state govt said on Friday. Union home and cooperation minister Amit Shah is scheduled to visit Gujarat on Saturday to participate in events marking International Cooperative Day. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad According to state govt data, the number of women-led milk cooperatives rose from 3,764 in 2020 to 4,562 in 2025. Currently, women account for 25% of milk union board members and nearly 12 lakh of the total producer members. The govt stated that by the end of 2025, 25% of all directors on milk union boards will be women. The total number of women members in milk cooperatives has also seen steady growth, with women making up about 12 lakh of the 36 lakh total members in the state. Data from the Gujarat Cooperative Milk Marketing Federation Limited (GCMMF) shows that milk procurement by women-led cooperatives increased by 39%—from 41 lakh litres per day (LPD) in 2020 to 57 lakh LPD in 2025. This now accounts for around 26% of Gujarat's total milk procurement. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo Regarding income, the statement said women-led milk cooperatives generated an estimated daily income of Rs 17 crore in 2020, totalling Rs 6,310 crore annually. In 2025, this figure rose to Rs 25 crore per day, pushing the estimated annual income above Rs 9,000 crore.
