Gupta is ready with the roadmap to scale into an Rs 8,000–10,000 crore SFB within three years of operations, he tells Moneycontrol how he plans to do that
Would prefer to convert to a small finance bank, even if permitted to lend as payments bank, says Rishi Gupta, MD and CEO, Fino Payments Bank
Instead of following the traditional brick-and-mortar credit-based model, Fino's SFB plan will offer products to the customer through merchant points and a digital platform in an asset-light manner, Rishi Gupta says.
Board also approves the appointment of Rakesh Bhartia as independent director for five years
Gupta was referring to RBI guidelines that say Payments Banks cannot lend; they also cannot accept deposits in excess of Rs. 2 lakh.
Rishi Gupta said pressure on company’s share price is on account of general market aversion towards fintech companies and global factors.
Fino is a specialised bank that provides services in a cost effective way with the help of technology
"The way I look at it, the guidelines have become much more favourable than what it was earlier especially with the RBI looking at allowing third party products to be sold through the payments bank," Rishi Gupta told CNBC-TV18.
In the Union Budget 2013 Finance Minister - P Chidambaram presented a budget that appears "working" and has nothing exceptional to offer to fuel growth. While there are many things that could have been done, focus on infrastructure certainly is a positive step that could result in growth for allied sectors.