With over two decades of experience across ecommerce, remittance, banking, payment technologies, education industry and telecommunication, Krishna brings business understanding & business network in Asia-Pacific region. Krishna also was instrumental driving couple of ventures for market entry & activation. He is well connected in the Australian and the Indian banking segment, Education industry & heads Trade Australia subcommittees for the RIT business forum. He is a graduate in Mechanical Engineering with Post graduate diploma in webservers and web technologies from RMIT University. Krishna has worked across Asia-Pacific as Business head, product manager & strategic alliance head for organisations like Openpay, Australia Post & Primus Telecom.
What's a
Restricted ADI?
International Bank of Australia is authorised by the Australian Prudential Regulation Authority (APRA) to operate under a Restricted Authorised Deposit-taking Institution licence until 2nd November 2024. Under this authority International Bank of Australia has restrictions on the amount of deposits it can take. Under this restricted licence International Bank of Australia is not required to meet the full ADI prudential framework and will not be offering banking products to the general public.
International Bank of Australia has put in place arrangements to protect customers in the event it is required by APRA to discontinue banking business and exits the banking industry. This includes:
- International Bank of Australia being required by APRA to contact customers to advise how they are impacted, e.g. deposits may be returned or transferred to another bank;
- the Banking Act 1959 provisions for the protection of depositors apply to International Bank of Australia; and
- International Bank of Australia is covered by the Australian Government Financial Claims Scheme (FCS). The FCS applies only to protected accounts. It is important customers check the terms and conditions of their specific product to determine if it is protected under the FCS.
Licensing guidelines for authorised deposit-taking institutions | APRA
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