
ICICI Prudential Life Insurance and ICICI Lombard have bought a 12% stake in payments bank Fino Paytech for Rs 150 crore, valuing the company at Rs 1200 crore. Proceeds from the fund-raise would be used to set up the technology framework for the payments bank, create physical infrastructure and meet marketing and operational expenses.
FinoPayTech currently provides basic banking, direct benefit transfer (DBT) payments, remittances and other payment services for the unbanked rural and urban masses in partnership with banks and financial institutions. The payments bank licence would help it provide a range of financial offerings, such as savings and term deposits, credit and insurance besides its existing set of basic banking
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