Fino Paytech receives approval to launch payment bank
Mobile payment firm Fino Paytech has secured the final licence from the Reserve Bank of India (RBI) to establish Fino Payments Bank.
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.
Fino Paytech said that earlier in January 2017, the firm closed its INR4bn ($61.6m) domestic fund raising exercise to meet RBI guidelines for payment bank operation.
Fino Paytech managing director and CEO Rishi Gupta said: “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 licence.”
Fino Paytech is the fourth firm to receive a payment bank licence in the country. The other three entities are India Post, Bharti Airtel’s subsidiary Airtel M Commerce Services, and mobile payments firm Paytm.