Fino Payments Bank that recently launched its operations in 410 branches across 14 states, has announced its partnership with private lender ICICI Bank. The inked agreement includes having ICICI Bank ATMs in the new bank’s branches of Fino Payments Bank.
Further, the Payments Bank will also sell other ICICI group products including home loans, life and general insurance.
“The idea of Fino sprouted in ICICI Bank with the objective of addressing the gap in the banking system in terms of serving unversed individuals.She added that FPB is well positioned to reap the benefit of the mobile revolution that was taking place,” said Chanda Kochhar, MD & CEO, ICICI Bank.
“It has the advantage of getting support from ICICI Bank in terms of infrastructure, knowledge and products. Fino will have access to a wide range of ICICI Bank products like term deposits, retail loans and cross border remittance services,” she added.
“Fino Payments Bank will add 30-40 lakh customers in the first year and increase it to five crore with a deposit base of Rs. 10,000 crore in 5 years,” said Rishi Gupta ,CEO , Fino Payments Bank, while announcing the medium-term and long-term targets of the entity.
“We plan to build a network of over one lakh points and over 1,000 branches. We aim to become the first profitable payments bank following a multi-product, multi-platform and partnership strategy,” said Gupta.
Fino PayTech, the mother brand for Fino Payments Banks has provided a platform for the banks to provide lending services to the unbanked by operating as a business correspondent of banks.
Post the final nod from the Reserve Bank of India, the business correspondent division has been transferred to the bank.
In addition to the 410 branches, FPB has carved a network of 25,000 banking points, of which some are BPCL outlets, to gain access to remote locations of the country.