RBI approves Fino Payments Bank for international remittance business
– World Affairs SRS
reserve Bank of India has approved Fino Payments Bank To start international (cross border) remittance business under Money Transfer Service Scheme (MTSS). With the approval, Fino Payments Bank customers will be able to receive remittances from abroad. The bank plans to implement the service in its mobile application as well and plans to partner with more leading Money Transfer Operators (MTO) To improve your cross border remittances.
What are the benefits of a bank?
- The bank will conduct inward cross-border money transfer activities and partner with a foreign principal.
- It is also approved to partner with one of the largest global remittance service providers as its overseas principal.
- Fino Bank’s customer segment in the middle of the pyramid targets families of many working overseas.
- Money remitted abroad by family members can now be directly withdrawn at the nearest Micro-ATM or Aadhaar-enabled Payment Service (AEPS) enabled Fino Bank’s neighborhood merchant point.
Important facts for all competitive exams:
- Chairman of Fino Payments Bank: Professor Mahendra Kumar Chauhan.
- Establishment of Fino Payments Bank: 13 July 2006.
- MD & CEO of Fino Payments Bank: Rishi Gupta.
- Headquarters of Fino Payments Bank: Mumbai, Maharashtra.
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