Fino Payment banks' board approves transition to Small Finance Bank

Mumbai-based Fino Payments Bank’s Board approved the proposal for the the transition of the Bank into a Small Finance Bank (SFB) license on July 28.

In its press release, the payment bank stated that they have also constituted a committee to explore the possibility of group corporate restructuring and evaluate its implications and other considerations.

"The Bank continues its thrust on acquiring new customers and has registered an 85 percent year-on-year (YOY) growth in profit. With each passing quarter, the Bank is progressively enhancing its sustainability and is well-positioned to leverage its network," the bank said in the press release.

Rishi Gupta, CEO & Managing Director, said, “Our opportunity to grow by transitioning to SFB is significant on the back of optimally leveraging our widespread network to cater to the unmet credit demand of our merchants and customers. Fino’s core business activity will continue to be that of a banking service provider to the existing target segment, with credit as an additional service offering.”