Fino Paytech gets final nod to set up payments bank

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Fino Paytech on Friday said it has received the final licence from RBI to set up Fino Payments Bank.

In January this year, Fino raised Rs 400 crore domestic capital to meet key RBI guidelines, including reducing foreign shareholding in the company below 50 percent.

Rishi Gupta, MD and CEO, Fino Paytech said, “It is a testimony of the hard work done by Fino for over 11 years. We would like to thank RBI for giving us the licence. Fino Payments Bank operations would be launched once we get the required approvals post the final license.”

Fino Payments Bank will have a mix of physical and digital platforms along with a network of access points to increase reach and convenience to its customers.

Fino is the fourth player making entry into the payments bank space after the debut by telecom firm Airtel last year followed by e-wallet company Paytm.

Earlier this month, Reliance Industries received the RBI approval to begin operations for Reliance Jio Payments Bank in tie up with India’s largest bank, State Bank of India.

Disclosure: Reliance Industries which owns Reliance Jio, also owns Network 18 which publishes Moneycontrol.com.