RBI Grants Three-Month Extension to Fino Payments Bank Interim CEO Ketan Merchant
This regulatory extension comes as the digital payments bank continues its ongoing preparation to transition into a Small Finance Bank (SFB), following an in-principle clearance from the RBI in 2025.
Fino Payments Bank originally launched its commercial operations on June 30, 2017, after receiving its formal license from the apex bank.
Exam Perspective: Understanding regulatory approvals for payments banks migrating to small finance banking models highlights key changes in India's differentiated banking sector.
Key Facts / Static GK
Fino Payments Bank Launch Year: 2017
Reserve Bank of India (RBI) Governor: Shaktikanta Das
Q Practice Quiz — 30 May 2026
1. Which of the following payments banks received RBI's in-principle approval in 2025 to transition into a Small Finance Bank (SFB)?
Explanation: Fino Payments Bank received the Reserve Bank of India's in-principle approval in 2025 for conversion into a Small Finance Bank.
2. Who has assumed charge as the 48th Vice Chief of the Naval Staff (VCNS) of the Indian Navy?
Explanation: Vice Admiral Ajay Kochhar officially assumed charge as the 48th Vice Chief of the Naval Staff (VCNS).
3. With the installation of the SkyCast System at IGI Airport, India has become which country globally to install this advanced aviation weather monitoring system?
Explanation: India is the 19th country in the world to deploy the SkyCast system, which is currently present in only 18 other nations globally.
4. Which specialized technology entity collaborated with the Department of Financial Services to design and launch the Unclaimed Assets Portal?
Explanation: The Unclaimed Assets Portal was designed and developed by the Department of Financial Services in active collaboration with the PSB Alliance.
5. Which of the following statements is/are correct regarding the Corporate Social Responsibility (CSR) guidelines in India under Section 135 of the Companies Act, 2013? 1. Companies must spend at least 2% of their average net profits of the previous three financial years. 2. The mandate applies to companies with a net worth of ₹500 crore or more, or a turnover of ₹1,000 crore or more, or a net profit of ₹5 crore or more. 3. Companies can now invest up to 10% of their annual CSR expenditure through Zero Coupon Zero Principal (ZCZP) instruments.
Explanation: All three statements are correct. Under Section 135 of the Companies Act, 2013, companies meeting the specified financial thresholds must spend 2% of their average net profit on CSR, and a recent MCA notification allows them to deploy up to 10% of this budget in ZCZP instruments on the Social Stock Exchange.
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