Fino Payments Bank is now Scheduled Commercial Bank

The Reserve Bank of India has included the Fino Payments Bank in the Second Schedule of the Reserve Bank of India Act, 1934.
This inclusion gives Fino Payments Bank, the status of scheduled commercial bank or simply scheduled banks.
Fino will now be able to enhance its banking position in the treasury and participation in liquidity adjustment facility (LAF) window .

Scheduled Commercial Banks

All banks which are included in the Second Schedule to the Reserve Bank of India Act, 1934 are Scheduled Banks. These banks comprise Scheduled Commercial Banks and Scheduled Co-operative Banks.
Scheduled Commercial Banks in India are categorised into five groups based on their ownership/nature of operation. These bank groups are:
- State Bank of India and its Associates
- Nationalised Banks
- Regional Rural Banks
- Foreign Banks
- Other Indian Scheduled Commercial Banks (in the private sector)
Benefits of being a scheduled commercial bank
- Becomes eligible for debts/loans at the bank rate from the RBI
- Automatically acquires the membership of clearing house
- Rediscount of first class exchange bills from the RBI

Fino Payments Bank