Fino Payments Bank open 200,000 new accounts

Reported by: |Updated: June 25, 2020

Fino Payments Bank said it has opened more than 200,000 full KYC CASA accounts from April to mid-June. The bank expects to end Q1 FY21 with 240,000 new accounts and an overall customer base of around 2 million. In addition to its own customer base, the bank’s network of over 400,000 touch points provide services to over 20 million banking customers every month. The bank’s network, 80% of which is in rural areas, facilitates more than 35 million transactions. Around 80% of the new accounts are savings while 20% are current accounts. More than 90% of the accounts are from rural India driven largely by the over 2.5 crore people who banked at Fino points during this period. Direct benefit transfer (DBT) beneficiaries formed the bulk of rural customers who experienced the convenience of micro ATM and AePS based banking at the touch points. At the Fino banking points such as kirana stores, medical shops and BPCL outlets, customers can avail of services such as cash deposit, withdrawal, money transfer, bill payments, life, health and vehicle insurance.

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