I had no idea what a RADI was so I asked Dr Google. This is what I got.
Restricted ADIs (RADIs)APRA released a new licensing framework in May 2018 called a Restricted Authorised Deposit-Taking Institution (RADI), which essentially allows wannabe ADIs a two-year period of limited banking activities to assist them in gaining the investment required to become registered. This process can be quite complicated and time-consuming and has very strict prudential standards, so the RADI must apply for an unrestricted ADI license at the end of the two years or exit the banking industry.
Additional restrictions placed on RADIs include:
A deposit limit of $2 million on the aggregate balance of all accounts
No more than $250,000 held per account
At the time of writing (January 2019) there are two restricted ADIs in Australia: Volt Bank and Xinja.
How good is Dr Google and since Jan 2019 are there any other RADI's?
I had no idea what a RADI was so I asked Dr Google. This is what...
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