The Australian Prudential Regulation Authority (APRA) has granted IN1Bank Ltd 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', were beyond its control.
APRA does not view this 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.
IN1Bank is currently the only Restricted ADI.
A list of all APRA-authorised ADIs can be found on the APRA website at: Register of authorised deposit-taking institutions.
