Fino Payments Bank, the payment banking venture of Fino Paytech, has launched operations with 410 branches across 14 states and 25,000 touch points across India.
The new bank, which received the final licence from the Reserve Bank of India (RBI) in March 2017, will provide current and savings accounts, remittances, business correspondent lending, mobile banking, life and general insurance as well as bill payments. It will offer interest rates of 4% on savings account.
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The bank eventually plans to expand its footprint to 100,000 touch points and over 1,000 branches. It also targets a customer base of three to four million in its first year of operation and intends to increase it to 50 million over the next five years.
The payments bank has teamed up with Bharat Petroleum (BPCL) to expand its reach, as well as also with ICICI Bank for gaining access to products such as term deposits, home loans, joint liability group loans and loans to micro, small and medium enterprises.
Fino Payments Bank MD and CEO Rishi Gupta said: “We aim to become the first profitable payments bank following a multi-product, multi-platform and partnership strategy that adds tremendous value to our customers.”
Fino Payments Bank is the fourth payments bank to commence operations, preceded by Airtel, Paytm and India Post.
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