India, June 21 -- The Reserve Bank of India (RBI) said it has imposed a penalty of INR 29.6 Lakh on Fino Payments Bank for non-compliance with certain directions on 'licencing of payments banks'.

The Statutory Inspection for Supervisory Evaluation (ISE 2024) of the bank was conducted by the RBI with reference to its financial position as of March 31, 2024. During this inspection, the central bank found that the bank had not followed all its guidelines.

Based on the supervisory findings of non-compliance and related correspondence in that regard, the RBI said that a notice was issued to the Fino Payments Bank, advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

In a...