Fino Payments Bank is looking to become a small finance bank after having completed five years of operations. The Navi Mumbai-based company is a subsidiary of Fino Paytech, which is backed by marquee investors such as Bharat Petroleum, ICICI Group, Blackstone, IFC, Intel and LIC, among others.
From regulatory and compliance perspectives, it is eligible for an upgrade to a small finance bank, having completed the mandatory five years of operations. Its board also favours such a conversion and soon it'll be moving an application with the RBI in this regard.
Fino Payments Bank is a scheduled commercial bank serving the emerging India market with its digital based financial services.
