Fino Payments Bank stocks up by 2.99% as RBI permits for international money transfer service

The bank received the Reserve Bank of India’s approval for commencing international remittance business under the Money Transfer Service Scheme (MTSS) today.

Fino Payments Bank shares were up to almost 3% as RBI gave the permit for international money transfer service. The bank received the Reserve Bank of India’s approval for commencing international remittance business under the Money Transfer Service Scheme (MTSS) today which will allow its customers to receive remittance money sent from overseas. The shares of the bank were close to INR 381.50 (2.86%) on the NSE Sensex as of 3.30 pm today.

“Continuous product innovation is one of the core pillars of our model. International remittance further enhances our transaction-based product offerings. We will be ready to offer inward remittance services to our customers by Q1 FY23. In sync with our digital strategy to enhance customer experience, we will also look at having this product on our mobile application as well,” Fino Payments Bank Chief Operating Officer Major Ashish Ahuja said.

The Bank, in a statement, mentioned that it would be undertaking inward cross-border money transfer activities in association with an overseas principal

Fino bank’s physical network comprises 8 lakh merchants enabled banking outlets covering 90% of India’s districts.

“We already have scaled up our merchant presence in all these geographies. We are therefore confident that the new offering will gain traction quickly. We also expect to shore up more subscription-based saving accounts due to this initiative as customers would prefer to park the remitted money in a Fino Bank account itself,” the CEO mentioned in the statement.

“There is a major inward remittance corridor in States like Gujarat, Punjab, Kerala, Uttar Pradesh and Bihar. We already have scaled up our merchant presence in all these geographies. We are therefore confident that the new offering will gain traction very quickly. We also expect to shore up more subscription-based saving accounts due to this initiative as customers would prefer to park the remitted money in a Fino Bank account itself,” Ahuja said.

Earlier, Fino bank shares suffered due to Paytm IPO disastrous failure. Fino bank is India’s only listed payment bank

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