FINO Pay Tech applies for final licence of payments bank

FINO Pay Tech, which expects to begin payments bank operations in the next two to three months, has raised Rs400 crore so far


A screen grab of Fino Paytech’s website.
A screen grab of Fino Paytech’s website.

Mumbai: FINO Pay Tech Ltd applied for a final licence to the Reserve Bank of India (RBI) on Wednesday to start payments bank operations, which it expects to begin in the next two to three months.

“We plan to start operations in next 60 to 90 days. We have raised Rs400 crore so far out of which Rs251 crore has come from Bharat Petroleum Corp Ltd (BPCL) and rest Rs149 crore from ICICI Prudential Life Insurance, ICICI Lombard and a couple of other strategic investors,”said Rishi Gupta, managing director and CEO of FINO PayTech.

“We will launch across 30 cities and four states which include Maharashtra, Uttar Pradesh, Bihar and Madhya Pradesh through our 400 branches,” he added.

FINO intends to add 5 to 10 million customers to the existing base of over 28 million active customers.

The company provides a wide range of financial and large scale enrolment services such as door step banking, biometric banking solutions, remittances, lending, insurance, unique identification enrolments and direct benefit transfer payments through over 30,000 transactions points across more than 500 districts in the country.

So far only Airtel Payments Bank has started operations and Paytm Payment Bank has received final approval from RBI.

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