Fino Payments Bank is experiencing significant growth in its referral lending business, with Q4 FY26 disbursements already reaching approximately ₹540 crore as of 20 March 2026. This figure is expected to close at 90% of the ₹700 crore achieved in the first three quarters combined, indicating strong demand for credit products across the bank’s customer segments. Overall, the bank is on track to record close to ₹1,300 crore in referral loan disbursements for FY26.
The surge in disbursements reflects increased traction in rural credit demand, bolstered by Fino Payments Bank‘s extensive merchant network and deepening partnerships with Non-Banking Financial Companies (NBFCs). The bank has been actively building its credit distribution capabilities as part of its long-term strategy to transition into a Small Finance Bank (SFB).
Fino Payments Bank’s current pilot portfolio includes secured lending products such as home loans, gold loans, and loans against property, along with business loan offerings for merchants. Mr. Ketan Merchant, Interim CEO, noted the strong demand for secured credit products, particularly in rural and semi-urban markets. He emphasised that the referral lending model allows the bank to leverage its distribution strength while gaining a deeper understanding of customer credit needs.
Mr. Darpan Anand, National Head (Channel Sales), highlighted the role of the bank’s merchant network as a key growth engine. The network’s deep local connections and customer trust are facilitating the adoption of credit products, especially in underserved markets.
Fino’s extensive rural presence, with over 20 lakh merchant points and 1.7 crore CASA customers, enables last-mile access to formal credit. Through its partnership-led model, the bank is providing relevant and accessible credit solutions across India’s hinterlands.
These pilot initiatives are also helping the bank build credit assessment capabilities, train its network on loan origination, and understand customer repayment behaviour. The bank’s structured approach serves as a foundation for future credit expansion, aligned with its long-term strategic roadmap.
The bank recently recorded its highest-ever deposit balance during the current month, further reinforcing its strong fundamentals and readiness for the next phase of growth.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).
This article is written by Yash Agarwal and reviewed by Markets Desk before publication.