Fino Paytech is set to soon launch payment bank in Maharashtra, Madhya Pradesh, Uttar Pradesh and Bihar with 400 branches in the initial phase with focus on areas having maximum domestic remittances to extend its banking services. Currently, only Airtel and India Post have started their payment bank operations.
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With a target of opening 400 bank branches across 30 cities on its opening day, Fino will also provide the basic services of account opening and cash withdrawal in additional 15,000 access points outside these branches.
Fino will provide services like basic banking products such as withdrawal and deposits as well as third-party products like insurance and remittances while continuing to serve their primary responsibility of a technology-solution provider and banking correspondent (BC) to other banks.
Another 15,000 petrol pumps and liquified petroleum gas (LPG) outlets, where Fino already has a presence due to its partnership with Bharat Petroleum Corporation Ltd (BPCL), will also be incorporated in the exercise.
In order to supply the third-party products, Fino has tied up with a lot of companies. Our tie-up with BPCL will help enhance out our physical infrastructure and reach. We have also tied up with ICICI Bank as partner bank that allows to offer ICICI’s banking products to our customers, for insurance we have ICICI Prudential and Lombard and for international remittances we have tied up with Western Union, Express Money, Transfast etc.
Fino Paytech is one of the entities to have received an in-principle approval from the Reserve Bank of India (RBI). In 2015, 11 companies had received an in-principle approval from the RBI to offer payments bank services.
Of these, three—Cholamandalam Distribution Services, Sun Pharmaceuticals and Tech Mahindra—have surrendered their licences. The other entities—Aditya Birla Nuvo, National Securities Depository, Reliance Industries Ltd and Vodafone m-pesa— are also expected to roll out their services soon.
Fino Paytech is touted to be the biggest beneficiary of Demonetisation