BPCL outlets to act as digital banking points for Fino Payments Bank

Select outlets to provide digital payments solutions

Mumbai: Momentum is picking up for the launch of Fino Payments Bank following the final nod from RBI on March 31, 2017. Fino Paytech Ltd (Fino Payments Bank’s parent company) has today signed a Memorandum of Understanding (MoU) with Bharat Petroleum Corporation Limited (BPCL) for commencement of business at BPCL outlets.

It may be noted that BPCL is a strategic investor in Fino Paytech Ltd. The MoU is an extension of the association that is aimed at creating immense value to both the entities.

A spokesperson for BPCL said, “Today’s signing of MoU is a step towards fulfilling the national objective of promoting cashless / digital payments towards financial inclusion. Through our association with Fino we intend to create a digital banking and payments ecosystem around BPCL product offerings for the benefit of our customers. It is a long term strategic plan aimed at facilitating ease of payments and increasing banking reach through our distribution network.”

Terming the development path-breaking, Mr. Rishi Gupta, MD & CEO, Fino Paytech said, “We believe partnerships are the way forward for payments bank as they bring lot of value to the association. With BPCL we get the opportunity to leverage some of their strategically located outlets as business correspondent (BC) points for Fino Payments Bank. Our digital solutions will allow these points to facilitate cashless transactions and at the same time allow us to extend our banking reach, especially in rural areas.”

“It’s a great privilege to partner with one of the most reputed brands in the country and contribute towards fulfilling two major nation building exercises – Digital economy and Banking for all,” added Mr. Gupta.

In addition to making fuel payments, people can now do non-fuel transactions at the designated BC points for Fino Payments Bank. Customers can do banking transactions such as transfer or remit money, deposit and withdrawal transactions and make payments for utility bills, recharging mobiles, insurance premiums to start with.

These services will be effective from the day Fino Payments Bank gets launched. Initially the services will be available in the 6 states of UP, MP, Bihar, Rajasthan, Tamil Nadu and Maharashtra where Fino intends to expand its reach through BPCL outlets.

Fino Payments Bank will deploy Aadhaar based solutions to enable ease account opening, customer identification and authentication and facilitate payments.

About FINO Paytech:
FINO Paytech is a payments technology solutions provider to banks, financial institutions and MFIs. Together with its extensive service delivery network, 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 ihas recently received the final approval from RBI to start Payments Bank operations. (www.finopaytech.com)

About BPCL:
BPCL is Fortune Global 500 company ranked 358 in the year 2016. BPCL is a Navratna Public Sector Enterprise and one of the premier integrated refining and marketing companies in India. During the financial year 2014-15, BPCL’s gross revenue from operations stood at Rs. 2,17,806 crores and the net profit was Rs. 7,432 crores. (www.bharatpetroleum.in)