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Fino Payments Bank was granted the status of which type of bank by RBI?

1. Small Finance Bank
2. Regional Rural Bank
3. Scheduled Commercial Bank
4. Co-operative Bank

Correct answer: Scheduled Commercial Bank

Solution

Fino Payments Bank, which operates as a payments bank, was granted Scheduled Commercial Bank status by the Reserve Bank of India in 2023. This makes it eligible to be included in the Second Schedule of the RBI Act.

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