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Fino Payments Bank announced increasing its end-of-the-day account balance cap to Rs 2 lakh

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Fino Payments Bank has raised the end-of-day account balance cap for its customers including MSMEs, small traders, and retail customers.to Rs 2 lakh, in accordance with the RBI's updated guidelines. The bank, which turned a profit in the fourth quarter of fiscal year 2020, implemented the increased cap on May 1, 2021. Ashish Ahuja, COO of Fino Payments Bank, said in a statement announcing the new deposit limit, "Following the RBI directive, we have updated our processes and systems and went live on May 1. The increased deposit limit allows our customers to save more money in their account. Further, our existing sweep account mechanism continues with our partner bank wherein customers can save funds in excess of Rs 2 lakh."

 

Fino Payments Bank increased its end-of-the-day account balance cap to Rs 2 lakh

He also added that "The increased deposit limit allows our customers to save more money in their account. Further, our existing sweep account mechanism continues with our partner bank wherein customers can save funds in excess of Rs 2 lakh." On Fino deposits up to Rs 2 lakh, the existing savings interest rate will apply. Suryoday Small Finance Bank, the affiliate bank, will set the interest rates for deposits in the sweep account. Bank deposits are covered by the Deposit Insurance and Credit Guarantee Corporation (DICGC), which is a wholly-owned subsidiary of the Reserve Bank of India (RBI).

Ashish Ahuja, COO, Fino Payments Bank further added that "The raise in limit also enhances the cause of financial inclusion as more people will join the banking fold. MSMEs, small traders and merchants are expected to make use of this offering to save time and better financial planning."

Read more about: fino payments bank
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