Fino Payments Bank eyes Rs1,500 crore gold loan portfolio by FY19
New Delhi: Fino Payments Bank on Tuesday said it has partnered with various banks to source gold loans worth Rs1,500 crore, as a third-party product, by the end of March 2019. Through this partnership, it will source gold loans on banks’ behalf from across its 410 branches as well as access points.
Fino Payments Bank has already sourced gold loans worth Rs200 crore for around 30,000 customers. The average ticket size is around Rs1 lakh.
“We plan to end this fiscal at around Rs500 crore and target gold loan sourcing worth Rs1,500 crore in 2018-19. We will continue working with our partners to add more customer- centric products, especially in loan space,” said Rajeev Arora, chief operating officer, Fino Payments Bank.
Apart from increasing deposit base and banking transactions, Fino Payments Bank is focussing on cross selling third party products for revenue growth, he added. “We are aggressively pursuing cross sell that will contribute significantly to our revenues. This fiscal we expect 20% of our total revenues coming in from selling third party products,” he said further.
Going forward, Fino plans to facilitate two-wheeler, three-wheeler and consumer durable loans for its partners. It is in line with its strategy to provide its customers a range of financial products and services under one roof, it said.
Apart from payment bank services that includes small savings account and payment/remittance services, Fino provides insurance, bill payments and mobile/DTH recharge services.