Now Fino Payments Bank wants to become a small finance bank, will apply to RBI soon

Mumbai Fino Payments Bank after completing five years of its operations is now aspiring to become a small finance bank. Company’s Managing Director Rishi Gupta has said this. Fino Payments Bank, a subsidiary of Navi Mumbai-based Fino Petech, is backed by key investors such as Bharat Petroleum, ICICI Group, Blackstone, IFC, Intel and LIC. The company started operations in July 2017 with 410 branches. It is the fourth payments bank after Airtel Payments Bank, India Post Payments Bank and Paytm Payments Bank. Fino is a Remittance Service Provider ie Money Transfer Company.

It has converted most of its Fino Money Mart outlets into bank branches after getting the license from the Reserve Bank. In addition, Fino is the only lender in the region whose shares are traded on an exchange. Gupta told PTI, “We have completed five years of operations. We are now eligible to be a Small Finance Bank from regulatory and compliance point of view. Our Board of Directors also wants this change.

We are going to apply to the Reserve Bank of India (RBI) soon.” Asked why the company is not trying to become a full service bank instead of a small finance bank, Gupta said, “Our company is too small to convert into a full service commercial bank from a capital and capacity point of view. Till that happens, the bank will continue to grow the business by focusing on tie-up with the financial technology sector under the FINO 2.0 initiative to build digital assets and strengthen the digital offering, he added.

Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.