Fino Payments Bank has partnered with Rajasthan government’s Rajcomp as its corporate business correspondent to offer banking services to people in the state.
As per the agreement, all 55,000 e-Motra points of Rajcomp across the state will function as banking points of the bank, said an official.
The bank has a network of branches, catering to more 1,000 merchant points, operating across 60 outlets of BPCL.
“Tie-up with Rajcomp is in line with our strategy of anywhere, anytime banking. Through this association, we will be able to increase our reach in all 33 districts of Rajasthan,” said Rishi Gupta, MD and CEO, Fino Payments Bank.
The company is expecting that the customer engagement at the e-Mitra points and transactions will increase by over 400 per cent from existing level.
Reportedly, the brand fetches Rs 50 lakh per month as its revenue with transactions worth Rs 2.5 to 3 lakh per month.
“The company has provided services to 61 lakh people since 2014 and expects 1 million transactions per month in a year’s time. The company has four branches in Rajasthan, which they aim to increase over 25 branches in next two years,” said Rajesh Kachhawa, Associate Vice President, Fino Payments Bank.
