APRA Grants IN1Bank a Second Extension to Operate as Restricted ADI

The Australian Prudential Regulation Authority (APRA), the prudential regulator of the financial services industry, today announce that it has granted IN1Bank Ltd a second extension of its licence to operate for a limited time as a restricted authorised deposit-taking institution (Restricted ADI) under the Banking Act 1959.

The announcement comes after APRA granted the first extension to IN1Bank last year. Recognising the unique circumstances of IN1Bank's application, APRA judged that a further short extension was warranted.

APRA does not view this decision as setting a precedent for other future Restricted ADIs. APRA will consider any possible extension of another Restricted ADI's licence on its own merits as the need arises.

APRA oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. As Fazzaco reported earlier, APRA has announced the cancellation of Volt Bank Limited's (Volt) authorised deposit-taking institution (ADI) licence earlier this month.