Fino Paytech gets final nod from RBI for Payments Bank

Payment company Fino Paytech has received the final license from Reserve Bank of India (RBI) for setting up its Payments bank operations.

Post the clearance from the regulator, the company is all set to kick start its payments banking operations as Fino Payments Bank.

The company which till now was operating as a payments entity driving financial inclusion for banks had to reduce its foreign shareholding to less than 50 per cent for the final clearance from the RBI, reported The Economic Times.

“It is a testimony to the hard work done by Fino for over 11 years. As Fino Payments Bank we reiterate our commitment to serve the unbanked and under-banked through physical and digital platforms across the country,” said Managing Director, Fino Paytech, Rishi Gupta.

“We intend to develop the bank with a mix of both physical and digital platforms along with the development of a network of access points across rural India,” he added.

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