APRA Grants IN1Bank to Operate as Restricted ADI

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The Australian Prudential Regulation Authority (APRA) today announced that it has granted the digital bank IN1Bank Ltd (IN1Bank) an extension of its licence to operate for a limited time as a restricted authorised deposit-taking institution (Restricted ADI) under the Banking Act 1959. 

APRA decided to grant this extension to IN1Bank as the extraordinary circumstances of COVID19 and APRA’s revised approach to supervising new banking entrants, as detailed in the Information Paper ‘ADIs: new entrants – a pathway to sustainability'. 
The Australian regulator does not view the decision as setting a precedent for other future Restricted ADIs, and will consider any possible extensions of other Restricted ADIs’ licences on their own merits as the need arises. 

Currently, IN1Bank is the only Restricted ADI.