Fino Payment Bank Received Approval for Cross Border Remittances

Current Context: The Reserve Bank of India has approved Fino Payments Bank to commence international remittance business.

• This was granted under Money Transfer Service Scheme (MTSS).
• Henceforth, the Fino Payments Bank will be able to perform inward cross-border money transfer activities.
• The funds remitted by family members or friends from abroad will be directly withdrawn at the ATM or AEPS which are managed by Fino Payment Banks.
• This will help to enhance the robust distribution network of Fino Payment Bank as its customers will be able to receive funds from foreign countries.
• Static Part: 
• HQ of Fino Payment Bank: Mumbai

Question: 

Q.1 Which bank received international remittance business approval from RBI?
a. Jio Payment Bank.
b. Airtel Payments Bank
c. Fino Payments Bank
d. None of the above