Fino Payments Bank is a growing fintech company offering a diverse range of financial products and services that are primarily digital and have a payments focus. It offers such products and services to its target market via a pan-India distribution network and proprietary technologies. The bank’s products and services include various current accounts and savings accounts (CASA), issuance of debit card and related transactions, facilitating domestic remittances, open banking functionality (via its Application Programming Interface (API)), withdrawing and depositing cash (via micro-ATM or Aadhaar Enabled Payment System AePS) and cash management services (CMS). Its merchants also leverage the customer relationships within their respective communities to facilitate it cross-selling other financial products and services such as third party gold loans, insurance, bill payments and recharges. It also manages a large BC network on behalf of other banks.

The bank is also the only payments bank to offer a subscription based savings account in India. Customer satisfaction, its brand and reputation have played an important role in it becoming an industry leader in fintech products and services, as well as to further developing its business and improving its market position. Additionally, by remaining focused on its payments business it is able to continue leveraging its deep market expertise which in turn helps it develop products and services that meet the needs of its target market. Its significant geographic coverage and position as a large-scale, leading technology-enabled company with a diverse banking product offering also provides economies of scale that yield significant operating efficiencies, supports future growth and also helps to diversify some of its risks, such as regional or geographical risks or concentration risks. The bank operates an asset light business model that principally relies on fee and commission based income generated from its merchant network and strategic commercial relationships. Each merchant serves the banking and financial needs of its community, which in turn forms the backbone of its assisted-digital ecosystem, referred to as its ‘phygital’ delivery model (i.e., a combination of physical and digital).

Business area of the bank

The company is primarily engaged in providing technology-based solutions and services related to financial inclusion.

Products & other services

• Savings Account
  
• Current Account
  
• BPay
  
• Loans
  
• Insurance
  

Major events and milestones

• 2007-2008: Fino Fintech Foundation was incorporated under the Companies Act, 1956.
  
• 2014-2015: The bank’s Promoter, Fino PayTech received RBI’s in-principle approval to establish a Payments Bank.
  
• 2014-2015: The bank was renamed as ‘Fino Fintech’.
  
• 2016-2017: The Bank was converted into a public limited company and consequently renamed as ‘Fino Fintech’.
  
• 2016-2017: RBI granted our Bank the license to carry out the business of Payments Bank.
  
• 2016-2017: The name of the Bank changed to ‘Fino Payments Bank’.
  
• 2017-2018: The bank received license from RBI to operate as Authorised Dealer Category II.
  
• 2017-2018: RBI granted approval to issue and operate pre-paid payments instruments.
  
• 2017-2018: The bank’s Promoter transferred its pre-paid payment instruments business to it.
  
• 2020-2021: The bank’s name was included in the second schedule of RBI Act.