Now, Fino Payments Bank can open new accounts as RBI lifts ban

Paytm Payments Bank and Airtel Payments Bank were also barred from onboarding new customers earlier

The Reserve Bank of India (RBI) lifted its ban on adding new customers for Fino Payments Bank. The ban had been placed by the RBI in May because of non-compliance of operational guidelines, particularly certain accounts having deposits in excess of the allowed amount.

RBI's operating guidelines for payments banks said the aggregate limit for customer in his/her bank account shall not exceed Rs 100,000.

"Now we have made the required changes to processes, product and technology, which the RBI has approved and given us the go ahead to open new accounts," said a Fino Payments bank spokesperson.

Fino was