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Fino Bank to double gold loan sourcing biz

Fino Payments Bank aims to double the value of its gold loan sourcing business in FY2021.The payments bank is in talks with a few leading NBFCs to unlock the gold loan potential by leveraging its extensive retail network. The bank has already facilitated gold loan sourcing worth Rs 1000 crore in FY2020 as a corporate business correspondent (BC) for a leading bank. It said more than 30,000 customers had availed the service with the average ticket size ranging from Rs 50,000 to over Rs 500,000. Amit Jain, Head (Alliances & PMO) at the bank said the bank would be keen to associate with like-minded partners to bring their gold loan offerings closer to rural masses and help them avoid the trappings of the informal sector. He said the bank expected the demand for gold loans to grow in FY2021 as people turn to gold loans for their personal and working capital requirements. The bank has set a target to do over Rs 2000 crore of gold loan referral business this fiscal, he added. The bank will be a facilitator for obtaining gold loans a partner of banks and NBFCs, Fino Payments Bank through its network connects with people who are in need of funds. Anyone, individual or small business owner, who owns gold and can keep it as collateral is eligible to apply for a gold loan. Fino shares leads of such customers with partners, whose representative will complete the rest of the process with the customer, including documentation, approval, disbursal and loan recovery. Fino acts as a facilitator between gold loan issuing bank/NBFC and the customer.

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