Thursday, March 28

Tag: Rs 1 crore

Mumbai-based Fino Payment Bank Fined with Rs 1 Crore by the RBI
INDIA

Mumbai-based Fino Payment Bank Fined with Rs 1 Crore by the RBI

The newly licensed payments bank based in Mumbai called Fino Payment Bank has been fined with an amount of Rs 1 crore by the Reserve Bank of India (RBI). Following this move, the payments bank was required to stop all its account opening activities. The RBI found out that there were few accounts with the bank with deposits in excess of Rs 1 lakh, which goes against the licensing criteria of a payments bank. “The Reserve Bank of India (RBI) has, on October 31, 2018, imposed a monetary penalty of Rs 1 crore on Fino Payments Bank Limited (the bank) for contravention of the direction to stop opening of new accounts until further instructions…,” said the regulator. A Fino Payments Bank spokesperson stated that the RBI has directed Fino Payments Bank to put in place appropriate process to a...
India’s PM Narendra Modi Launches 59 Minutes Loan for MSMEs as Diwali Gift
INDIA

India’s PM Narendra Modi Launches 59 Minutes Loan for MSMEs as Diwali Gift

India’s Prime Minister Narendra Modi has announced a number of measures and services for the people of our country including the most interesting and valuable one under which, the small and medium enterprises will be able to sanction loans of up to Rs 1 crore in just 59 minutes through a special portal. This has basically been done to give a boost to the nation's second-biggest employing sector. For a long time, the Prime minister has been looking upon and taking efforts for the startups of our country and he has launched yet another measure that will be really helpful for the small businesses. The programme was unveiled as part of 12 new decisions to aid the sector which, the PM said, were like "Diwali gifts for MSMEs". "As we speak, somewhere in the country your entrepreneurial bro...