Fino Paytech receives final license from RBI, all set to launch Fino Payments Bank

Fino Paytech receives final license from RBI, all set to launch Fino Payments Bank

Mumbai: March 31, 2017: Fino Paytech today announced that it has received the final license from RBI to set up Fino Payments Bank. With this the path has been cleared for the company to embark on a long awaited journey of being a bank.

Earlier in January this year, Fino closed its Rs 400 crore domestic fund raising exercise that helped it meet key RBI guidelines, including reducing foreign shareholding in the company.

Terming the development a defining moment, Rishi Gupta, MD & CEO, Fino Paytech said, “It is a testimony of the hard work done by Fino for over 11 years. We would like to thank RBI for giving us the license. As Fino Payments Bank we reiterate our commitment to serve the unbanked and under-banked through physical and digital platforms across the country. We are ever grateful and thankful to all our investors, business partners and all our employees whose unflinching support and belief has brought us on the threshold of this magnificent transformation.”

“Fino Payments Bank operations would be launched once we get the required approvals post the final license,” Mr. Gupta added.

Fino Payments Bank will have a mix of physical and digital platforms along with a network of access points to increase reach and convenience to its customers.