APRA extends IN1Bank’s licence to operate as restricted ADI
The Australian Prudential Regulation Authority (APRA) 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.
In June 2021, the regulator granted the first extension of the license to IN1Bank.
Recognising the unique circumstances of IN1Bank’s application, APRA judged that a further short extension was warranted.
APRA says it does not view this decision as setting a precedent for other future Restricted ADIs. The Authority will consider any possible extension of another Restricted ADI’s licence on its own merits as the need arises.
APRA has been regularly updating its list of authorised deposit-taking institutions. Earlier in September, APRA revoked the ADI license of Volt Bank Limited. Volt completed its return of deposits process in July. The return of deposits began on 29 June when Volt announced its decision to cease being a bank and hand back its authorised deposit-taking institution (ADI) licence to APRA.