Fino Payments Bank has bagged RBI’s approval for commencing International Remittance business under the Money Transfer Service Scheme (MTSS). The bank will be processing inward cross-border money transfer activities in association with an Overseas Principal, the details of which are being worked out.
With the help of this development, the family members of the customer living abroad can now directly withdrawn money remitted from the nearest micro-ATM or Aadhaar-Enabled Payment Services (AEPS) enabled Fino Bank’s neighbourhood merchant point.
Major Ashish Ahuja, Chief Operating Officer, Fino Payments Bank said, “Continuous product innovation is one of the core pillars of our model. International remittance further enhances our transactions-based product offerings. We will be ready to offer the inward remittance services to our customers by Q1 FY23. In sync with our digital strategy to enhance customer experience, we will also look at having this product on our mobile application as well.”
Fino merchants offer services namely as new account opening, cash deposit, money transfer, cash withdrawal via micro-ATMs or AEPS mechanisms, collect cash on behalf of various institutional clients among others. As a new offering International Remittance will help augment income of merchants and the Bank leading to strengthening of Fino’s robust distribution network.
“There is a major inward remittance corridor in states like Gujarat, Punjab, Kerala, Uttar Pradesh and Bihar. We already have scaled up our merchant presence in all these geographies. We are therefore confident that the new offering will gain traction very quickly. We also expect to shore up more subscription based saving accounts due to this initiative as customers would prefer to park the remitted money in a Fino Bank account itself”, added Major Ashish Ahuja.
