Fino Paytech and payments banks industry update

FINO Paytech to start payments bank operations from April
FINO Paytech and payments bank industry update

11 applicants had received in-principle approvals from the Reserve Bank of India (RBI) in August 2015 to open payments banks. Currently two entities have started operations and three had backed out citing business concerns.

Another one Fino Paytech is set to commence operations soon. https://buysellunlistedshares.com/2017/02/17/fino-paytech-to-launch-payment-bank-soon/

For buying or selling shares of Fino Paytech or any other companies, please click on buysellunlistedshares.com/buysell/

Fino Pay Tech Ltd
The company is waiting to receive final nod from RBI. Fino Pay Tech plans to launch payment bank in Maharashtra, Madhya Pradesh, Uttar Pradesh and Bihar with 400 branches in the initial phase. Fino Paytech 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.

Airtel Payments Bank
It became the first payment bank to start operations in November by launching pilot programme in Rajasthan. The bank plans to invest Rs3,000 crore and intends to convert at least 100 million out of its 270 million Airtel customers with the bank. MasterCard will provide payment processing solutions to the bank.

India Post Payments Bank
It became the second entity to start operations in January by launching pilot in Raipur and Ranchi. The government has so far allocated Rs500 crore. The bank plans to open 650 branches by September 2017.

Paytm Payments Bank
Vijay Shekhar Sharma has received final licence from RBI in January to set up his payments bank. Paytm Payments Bank is likely to launch with a pilot in parts of Uttar Pradesh and has received investments of Rs 220 crore from Sharma and One97 Communications. The bank has set itself a target of 200 million accounts, across current and savings accounts, and mobile wallets, within 12 months of the launch.

National Securities Depository Ltd
The depository intends to start operations in two months and is finalizing on a team which will handle payment bank operations.

Aditya Birla Nuvo Ltd
No defined plans regarding operations released in the public domain.

Vodafone m-Pesa Ltd
It received equity infusion worth Rs 47,700 crore from its parent company. No defined plans regarding operations in the public domain.

Reliance Industries Ltd
It signed an agreement with State Bank of India (SBI). No defined plans regarding operations are released in public domain.

Payment banks, unlike full fledged banks, do not offer loans and several other facilities. Also, they are not allowed to accept deposits over Rs 1 lakh.

Source: Livemint

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