Fino Payments Bank has launched their operations across 14 states with 410 branches.With the launch, the brand now joins the league of Airtel and payments start-up Paytm Payments Bank, who have also launched banking operations as per norms set out by the Reserve Bank of India (RBI).
“We intend to make banking simple and convenient to millions of hardworking Indians through a mix of physical and digital platforms. We will strategically leverage technology and partnerships to create a banking experience that is easy and everywhere for everyone,” said Rishi Gupta, managing director, Fino Payments Bank.
“The bank plans to acquire 3 to 4 million customers in the first year with the aim of increasing it to 50 million with a deposit base of Rs 10,000 crore in 5 years. They plan to build a network of over 1,00,000 points and more than 1,000 branches,” he added.
“We aim to become the first profitable payments bank following a multi-product, multi-platform and partnership strategy that adds tremendous value to our customers,” said Gupta.
To gain access to remote geographies of the country, Fino Payments Bank has created a network of 25,000 banking points, out of this lot some are BPCL outlets.
Reportedly, the Bank will be offering a full range of banking services, including current and savings accounts, remittances, Business Correspondent lending, mobile banking through BPay app, life and general insurance and bill payments. The bank provides instant accounting opening and allows customers do banking anywhere, anytime and through any platform.