Fino Payments Bank goes live for MSMEs & small traders

Fino Payments Bank on Wednesday announced increasing its end of the day account balance limit to ₹2 lakh for clients including MSMEs, small traders, and retail clients. The bank, which got productive in the final quarter of FY20, went live with as far as possible powerful May 1, 2021.

The move was in accordance with the Reserve Bank of India’s (RBI) declaration a month ago to build the greatest equilibrium limit by the day’s end for payments banks to ₹2 lakh from ₹1 lakh prior to boost financial inclusion.

“After reviewing the performance of payments banks and to support their endeavors for financial inclusion it was chosen to upgrade the limit of maximum balance at day’s end from ₹1 lakh to ₹2 lakh for each individual client,” a warning by RBI on April 7 had said.

“The expanded deposit limit allows our clients to set aside more cash in their account. Further, our existing sweep account mechanism proceeds with our partner bank wherein clients can save funds in excess of ₹2 lakh,” said Ashish Ahuja, COO, Fino Payments Bank.