Rishi Gupta, MD & CEO, FINO PayTech, on demonetization of high denomination bank notes of ₹500 and ₹1000

Mumbai, 9th November, 2016: “It is a very good decision by the Government to demonetize high value currency notes and restrict the usage of new notes. We believe this development will definitely encourage the large segment which is unbanked and under-banked to join formal banking ecosystem. As a payments bank we see this is an extremely positive sign to reach out to these customers for deposit mobilization and investments in a regulated, transparent and safe environment.”

“This will also lead to a surge in the usage of digital payment instruments instead of cash, which will be an encouraging development towards less cash economy and Digital India initiative. It is a matter of time when rural India too catches up. We at FINO are keen to be part of this change and make it happen.”

About FINO PayTech:

FINO PayTech is a payments technology solutions provider to banks, financial institutions and MFIs. Together with its extensive service delivery network of 30000 transaction points, FINO facilitates access to financial services to the unbanked and un-served segments of the population. It services over 28 million active banking customers spread across urban and rural areas in the country providing a range of financial services viz savings, remittance, insurance, credit etc. It is one of the recipients of in-principle approval from RBI to start a payments bank. (www.finopaytech.com)