The Reserve Bank of India has removed the ban on Fino Payments Bank to open new accounts The RBI had prohibited the bank from opening any new accounts on account of violations of certain licensing conditions and operating guidelines. However, no restrictions were placed on the bank for servicing existing customers. The bank submitted its compliance to the guidelines and the ban was lifted on 22 October, the bank said in a statement. It also said it is continuing to focus on expansion of distribution network across rural and urban areas, cross selling of third party products and providing cash withdrawal services through micro ATMs. The bank has 400 plus banking outlets and over 50,000 access points. The bank has also launched UPI service and net banking along with mobile banking app BPay.
