Fino Payments Bank’s Board has approved the proposal for transition of the bank into a Small Finance Bank (SFB) license and also constituted a committee to explore the possibility of group corporate restructuring and evaluate the implications and other considerations of the same.
The bank continues its thrust on acquiring new customers and has registered 85% y/y growth in profit. Rishi Gupta, CEO & Managing Director, Fino Payments Bank, said, “We intend to supplement payments bank business with lending to known customers through enhancement of license. Our opportunity to grow by transiting to SFB is significant on the back of optimal leveraging of our widespread network to cater the unmet credit demand of our merchants and customers. Fino’s core business activity will continue to be that of a banking service provider to the existing target segment with credit as an additional service offering.”