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Fino Payment Bank Received Approval for Cross Border Remittances

Published on January 04, 2022
Current Context: The Reserve Bank of India has approved Fino Payments Bank to commence international remittance business.
Fino Payment Bank Received Approval for Cross Border Remittances
  • 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  • The funds remitted by family members or friends from abroad will be directly withdrawn at the ATM or AEPS which are managed by Fino Payment Banks.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

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