Fino Payments Bank has clarified its position following recent reports, stating that it has not evaded any Goods and Services Tax (GST) dues and has not promoted or facilitated any form of betting activity. The bank confirmed that it operates in full compliance with all applicable laws and regulatory requirements.
The clarification was issued through a regulatory filing to inform customers, stakeholders, and the wider public. The bank stated that all operations adhere strictly to the guidelines issued by the Reserve Bank of India (RBI) and other regulatory authorities. It also confirmed that GST returns are filed regularly, ensuring that all taxes are accurately reported and paid on schedule.
Fino Payments Bank highlighted that its services, including payments, remittances, and digital banking solutions, are intended solely for legitimate financial transactions. Activities such as betting or gambling are strictly prohibited on its platforms. Monitoring systems and internal controls have been implemented to detect and prevent any potential misuse, and these controls are periodically reviewed and updated to maintain operational integrity.
The bank further noted that it maintains a structured framework for compliance, which includes continuous monitoring of transactions, internal audits, and customer grievance mechanisms. These systems are designed to ensure that all activities remain within legal and regulatory boundaries. The filing emphasised that any irregularities are addressed immediately, reinforcing the bank’s commitment to responsible banking practices.
Source from: https://www.businessworld.in/article/fino-payments-bank-confirms-gst-compliance-and-prohibits-betting-595811
