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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Fino Paytech to launch payment bank soon

FINO Paytech to start payments bank operations from April
FINO Paytech to launch payment bank soon

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.

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

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
https://buysellunlistedshares.com/2016/11/21/fino-paytech-demonetisation/

PayTM Payments bank to go live on 21 February 2017

Paytm Payments Bank Ltd, which got a final approval from the Reserve Bank of India last month to run and operate a payments bank in the country, will start commercial operations on 21 February 2017.

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

Rivals such as Airtel and India Post have already launched their operations and have been pushing it through massive advertisements and campaigns.

Other applicants such as Fino Paytech, National Securities Depository and Mukesh Ambani-led Reliance are also likely to launch their respective banks by May.

Paytm Payments Bank plans to leverage its wallet business that will soon get merged with the banking entity.

Fino Paytech is touted to be the biggest beneficiary of Demonetisation
https://buysellunlistedshares.com/2016/11/21/fino-paytech-demonetisation/

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.

ICICI Prudential, Lombard acquire 12% stake in Fino PayTech for Rs 150 crore

FINO Paytech to start payments bank operations from April
ICICI Prudential, Lombard to acquire 12% stake in Fino PayTech

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.

For buying or selling shares of Fino Paytech or any other companies, please click on buysellunlistedshares.com/buysell/
Fino Paytech had closed a Rs 251-crore funding from state-run refiner Bharat Petroleum Corp. (BPCL) for a 21% stake, in July 2016.
As per the norms, a payments bank has to bring down foreign stake from 75% currently to 49%. At Fino, primary funding has seen a total dilution of 33% and its investors include Intel Capital, IFC, Headland Capital and Blackstone. FINO was one of 11 companies to receive the Reserve Bank of India’s in-principle approval to start a payments bank last year.

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

and business correspondent services.
Fino Paytech is touted to be the biggest beneficiary of Demonetisation
https://buysellunlistedshares.com/2016/11/21/fino-paytech-demonetisation/