Fino Paytech applies to RBI for final licence of payments bank

Fino Paytech 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.

The company will launch across 30 cities and four states which include Maharashtra, Uttar Pradesh, Bihar and Madhya Pradesh through our 400 branches. 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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