Fino Payments Is Considering Becoming A Small Finance Bank
October 17, 2022: Fino Payments Bank wants to transform itself into a Small Finance Bank (SFB) and internal discussions are going on for the same. Rishi Gupta, Managing Director and CEO of the bank said this.
Fino Payments transformed from a business correspondent to a payments bank five years ago and is now profitable.
Gupta said the bank would approach the Reserve Bank of India (RBI) for a small finance bank license in due course.
He said that a payment bank older than five years can apply for Small Finance Bank (SFB) license as per RBI guidelines.
He said the next natural step in Fino’s journey from a banking license perspective would be as a small finance bank. We have started providing loans in partnership with other institutions. We are building a huge client and business base.
After deciding on SFB, this support will come in handy for us. “Right now we are considering it internally,” Gupta told PTI.
“Once the process is over and we are convinced that this is the right way, we will write to the RBI for approval. It is difficult to give anything.”
A timeline has been set for this now, but it will take a few more quarters to decide on this. However, after this it will take time to get the final approval from RBI and start operations.
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