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New Delhi: Fino Payments Bank started operations on Monday with 410 branches, becoming the fourth payments bank in India after Airtel Payments Bank, India Post Payments Bank and Paytm Payments Bank.

Fino, which was a remittance service provider has converted most of its Fino Money Mart outlets into bank branches.

These branches will also provide remittance services. “We are currently offering 4% interest rate on savings accounts. The target is to mobilise Rs10,000 crore of deposits within five years," Rishi Gupta, managing director and chief executive of Fino Payments Bank, said in a phone interview.

Among payments banks, Airtel Payments Bank offers the highest interest rate at 7.25%. India Post Payments Bank and Paytm Payments Bank offer 5.5% and 4%, respectively. Fino has raised Rs400 crore so far, of which Rs251 crore was from Bharat Petroleum Corp. Ltd.

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