Fino Payment Bank appoints Rajat Kumar Jain as chairman

Rajat Kumar Jain

Mumbai-based Fino Payments Bank has received approval from the Reserve Bank of India (RBI) for the appointment of Rajat Kumar Jain as Part-time Chairman of the Bank, the bank said in its regulatory filing on November 24.

The payment bank said that it has got approval with effect from November 24. 2023 till November 01, 2025.

Rishi Gupta, Managing Director & Chief Executive Officer of Fino Payments Bank said, “Jain's experience and expertise across sectors, especially in technology will have a strong bearing on our business model. We are fortunate to have his guidance as Fino Bank strengthens its digital ecosystem to realize its growth potential.”

Rajat Kumar Jain studied at IIT Delhi and IIM Ahmedabad and serves as a non-executive director on various boards including group companies of Aditya Birla and Mahindra conglomerates.

Jain has over three decades of strategic leadership experience across the consumer, telecom, media, and technology sectors.

Jain said, “As the Bank aims to expand its horizons, I look forward to working with my colleagues at the Board and senior management team at Fino Bank towards creating a differentiated digital Bank.”

In Q2FY24, the Fino Payment bank did transactions worth Rs 86,568 crore of which more than Rs 23,051 crore were processed digitally. The bank registered a PAT (Profit after tax) of Rs 19.5 crore in the second quarter of FY24.