Fino Payments Bank | Business Upturn

Fino Payments Bank reports 204% surge in loan disbursals for April 2026

Business Desk — Fri, 08 May 2026 11:00:08 +0000

Fino Payments Bank has announced a significant increase in its loan referral business, with disbursals reaching approximately ₹166 crore in April 2026, marking a 204% year-on-year growth compared to the same period last year.

The bank’s focus on customer ownership through CASA (Current Account Savings Account) has remained a cornerstone of its long-term business model. In April 2026, the bank opened 2,36,437 CASA accounts, a 9% increase from April 2025. Renewal income also saw a 9% rise, reaching ₹19.3 crore.

Fino Payments Bank’s average total deposits grew by 13% year-on-year to approximately ₹2,801 crore, reflecting the sustained growth of its deposit franchise. The bank’s digital engagement continued to improve significantly, with digitally active customers increasing by 19% to approximately 62.1 lakh. Of these, the bank’s FinoPay mobile application users grew by 28% year-on-year to approximately 7.7 lakh.

However, the bank reported a decline in its transaction business throughput, which fell by 47% to ₹2,649 crore. This moderation is attributed to an overall ecosystem shift from cash to UPI and a focus on better quality and more transacting merchants.

In the digital payments services segment, Fino Payments Bank adopted a strategic recalibration, resulting in a temporary moderation in throughput. The B2B UPI P2M throughput saw a significant drop of 96% to ₹101 crore. The bank prioritised throughput composition over volume to build a more sustainable and risk-calibrated foundation.

Looking ahead, Fino Payments Bank aims to strengthen its liability-led franchise, focusing on consistent customer acquisition, deeper digital engagement, and sustained deposit mobilisation. The bank’s ongoing shift in product mix, with CASA accounting for a growing share of the revenue base, positions it to capture better margins compared to Fiscal 2026.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Fino Payments Bank reports highest ever quarterly CASA renewal income of ₹62.2 crore

Business Desk — Wed, 29 Apr 2026 13:49:05 +0000

Fino Payments Bank Limited has announced its financial results for the fourth quarter and full year ended 31st March 2026, highlighting a stable performance amidst operational challenges. The bank achieved its highest ever quarterly CASA renewal income of ₹62.2 crore, marking a 12% year-on-year increase.

The bank’s net-revenue margin reached a record 40% in Q4’26, with the CASA segment contributing 45%. Total deposits hit an all-time high of ₹2,957 crore on 14th March 2026, reflecting strong customer confidence.

For FY’26, Fino Bank reported a revenue of ₹1,587.9 crore, a 14% decrease year-on-year, while net revenue remained stable at ₹584.4 crore. Total throughput for Q4’26 decreased 17% year-on-year to ₹1,07,798 crores, with digital throughput at ₹65,269 crores, down 13% year-on-year. However, for FY’26, total throughput remained flat at ₹4,64,047 crores, with digital throughput increasing 16% year-on-year to ₹2,62,009 crores.

The customer base expanded to 1.75 crore, with approximately 6.9 lakh accounts added in Q4’26, including 3.2 lakh accounts in March 2026 alone. Average deposits rose 20% year-on-year in Q4’26 to ₹2,535 crore.

The referral lending business saw significant growth, with disbursements of ₹1,285 crore during FY’26. In Q4’26, referral loan disbursements surged by 97% over Q3’26 to ₹592 crore, driven by demand from rural India.

Interim CEO Mr. Ketan Merchant highlighted the bank’s institutional resilience and customer trust, while Interim CFO Mr. Anup Agarwal noted the strong business momentum and competitive positioning for the next phase.

The bank remains committed to governance continuity and institutional stability, having maintained full cooperation with authorities regarding ongoing investigations related to program managers associated with multiple banks.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Fino Payments Bank invests Rs 200 crore in Finacle CBS migration

Arunika Jain — Wed, 15 Apr 2026 13:36:39 +0000

Fino Payments Bank has successfully migrated its Core Banking System (CBS) to Finacle, marking a significant milestone in its digital transformation journey. The bank has invested approximately ₹200 crore in this scalable and future-ready core banking system, which is poised to enhance performance and agility as part of its transition roadmap to becoming a Small Finance Bank (SFB).

The migration was executed through a phased approach, allowing for a temporary moderation in business volumes during the fourth quarter of FY26 to ensure system stability and data integrity. Despite the scale and complexity of the transition, it was completed within the anticipated timeline, showcasing strong execution and operational discipline.

Ketan Merchant, Interim CEO of Fino Payments Bank, commented on the development, stating that the migration represents a strategic investment in building a robust digital foundation for the future. The new modular architecture is designed to support efficient growth across liabilities, lending, and payments, significantly accelerating product launches and strengthening the bank’s readiness for its SFB journey.

Vinod Kumar, Chief Information Officer, highlighted the technological advancements brought by Finacle CBS, noting its agile and scalable design enhances transaction throughput, improves system resilience, and reduces time-to-market across various platforms, including UPI, CASA transactions, and merchant portal solutions. This creates a more integrated digital ecosystem for the bank.

The upgraded architecture introduces a decoupled, modular framework that allows for independent scaling of business lines while improving processing efficiency. The bank’s ‘Hollow the Core’ initiative further supports this by offloading high-frequency transactions from the core system, enhancing performance and reducing failure rates.

Additionally, the migration deepens the bank’s digital ecosystem, enabling tighter integration across merchant platforms and expanded digital capabilities. It supports new offerings such as virtual cards and the National Common Mobility Card (NCMC). The same Finacle license will be extended to the bank’s upcoming Loan Management System (LMS), ensuring value creation and alignment with its SFB roadmap.

With enhanced scalability, faster innovation cycles, and a resilient digital backbone, Fino Payments Bank is well-positioned to accelerate financial inclusion, strengthen customer engagement, and deliver sustained long-term value to all stakeholders as it steadily moves towards becoming a Small Finance Bank.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Fino Payments Bank reports unavailability of MD & CEO Rishi Gupta for over 45 days

Arunika Jain — Mon, 13 Apr 2026 17:36:32 +0000

Fino Payments Bank has announced the unavailability of its Managing Director and Chief Executive Officer, Rishi Gupta, for a period exceeding 45 days due to a pending re-assessment of his fit and proper status. This development follows previous disclosures made by the bank on February 27, March 7, and March 26, 2026.

The bank has clarified that Gupta’s return to his role is contingent upon the re-assessment by the bank’s Nomination and Remuneration Committee and Board of Directors, as well as a decision by the Reserve Bank of India. In the interim, an Interim CEO has been appointed with the approval of the RBI to ensure continuity in leadership.

Despite the absence of its MD & CEO, Fino Payments Bank has reported stability in its operations. The bank has assured stakeholders that its services remain uninterrupted and that it continues to serve its customers effectively. Notably, the bank achieved its highest-ever deposit balance in March 2026, alongside strong momentum in its referral lending business, underscoring its robust fundamentals and preparedness for future growth.

This disclosure is also available on the bank’s official website.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Fino Payments Bank achieves all-time high deposits of ₹2,950 crore in March 2026

Yash Agarwal — Mon, 06 Apr 2026 13:31:09 +0000

Fino Payments Bank has reported a significant business performance for the fourth quarter of the fiscal year 2026, as disclosed in its recent filing. The bank opened approximately 7 lakh new accounts during this period, bringing its total customer base to around 1.75 crore. Notably, March 2026 saw deposits peak at an all-time high of over ₹2,950 crore.

The bank also achieved its highest-ever quarterly renewal income, amounting to ₹62.2 crore. In the loan referral segment, Fino Payments Bank experienced robust growth, with disbursements reaching approximately ₹600 crore through partner institutions, marking a 96% increase over the previous quarter. This growth underlines the expanding credit potential within its ecosystem and sets the stage for its Small Finance Bank (SFB) journey.

However, the bank’s transaction business, which includes remittance, micro ATM, and AePS, witnessed a decline of around 30% compared to the third quarter of FY26, attributed to subdued performance in January and February. Despite this, a recovery was observed in March 2026.

Digital payment services also saw a moderation of about 25% from the previous quarter, aligning with the bank’s risk-calibrated approach and recent industry developments. Efforts to stabilise and recover are underway, with a focus on building a high-quality, active, and risk-mitigated merchant base.

Fino Payments Bank remains committed to strengthening its core liabilities, enhancing business quality, and developing scalable growth drivers in line with its strategic roadmap. The bank continues to advance its SFB implementation journey, aiming to build a strong liability-first and prudent secured lending franchise with a differentiated distribution strategy.

The information provided is based on provisional unaudited numbers and is released ahead of the official financial results announcement for the quarter and fiscal year ending March 31, 2026. These details are subject to review and approval by the bank’s Audit Committee, Board of Directors, and Statutory Auditors.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Fino Payments Bank’s Chief Compliance Officer Aashish Pathak resigns

Kinjal — Tue, 31 Mar 2026 14:47:20 +0000

Fino Payments Bank has announced the resignation of its Chief Compliance Officer, Aashish Pathak, effective from March 31, 2026. Pathak tendered his resignation on March 13, 2026, citing personal reasons for his departure.

The bank disclosed this change in its senior management personnel in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The resignation and the agreed last working date have been officially communicated to the National Stock Exchange of India and the Bombay Stock Exchange.

Fino Payments Bank has assured that all necessary disclosures related to this resignation are available on its official website. The bank did not disclose any further details about Pathak’s future plans or the process for appointing a successor.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Fino Payments Bank CEO Rishi Gupta granted bail amid ongoing investigation

Arunika Jain — Thu, 26 Mar 2026 16:51:18 +0000

Fino Payments Bank has announced that its Managing Director and CEO, Rishi Gupta, has been granted bail by the Hon’ble Special Judge for Economic Offences in Hyderabad. The decision was made on 26 March 2026, following a hearing related to a bail application filed on merits.

The ongoing investigation involves certain programme managers associated with multiple banks, including Fino Payments Bank. The bank has clarified that the investigation does not pertain to its GST compliance. Despite the legal proceedings, Fino Payments Bank continues to experience growth in its core business, with an increase in deposits and referral assets, highlighting the strength of its operating model.

Fino Payments Bank has reiterated its commitment to maintaining strong governance practices, regulatory adherence, and transparency. The bank’s operations remain stable and uninterrupted, ensuring continued service to its customers and stakeholders.

The bank has assured that it will continue to cooperate fully with the authorities and engage constructively with regulators and stakeholders. It also stated that it will make appropriate disclosures in accordance with applicable laws and regulatory requirements.

This disclosure is available on the bank’s website at www.fino.bank.in.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Fino Payments Bank CEO Rishi Gupta granted bail amid ongoing investigation

Business Desk — Thu, 26 Mar 2026 16:05:29 +0000

Fino Payments Bank has announced that its Managing Director and CEO, Rishi Gupta, has been granted bail by the Hon’ble Special Judge for Economic Offences in Hyderabad. The bail was granted on 26 March 2026, as the investigation into certain programme managers associated with multiple banks, including Fino Payments Bank, continues.

The bank clarified that the investigation does not pertain to its GST compliance. Fino Payments Bank has reiterated its commitment to fully cooperate with the authorities throughout the ongoing process.

Despite the ongoing legal proceedings, Fino Payments Bank reports a positive trajectory in its core business operations. The bank has observed a steady increase in deposits and growth in referral assets, highlighting the robustness of its operating model.

Fino Payments Bank emphasises its dedication to strong governance practices, regulatory compliance, and transparency. The bank assures that its operations remain stable and uninterrupted, continuing to serve its customers and stakeholders as usual.

The bank has committed to maintaining constructive engagement with regulators and stakeholders, ensuring that all necessary disclosures are made in compliance with applicable laws and regulatory requirements.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Fino Payments Bank reports ₹540 crore in Q4 FY26 referral loan disbursements

Yash Agarwal — Wed, 25 Mar 2026 07:31:20 +0000

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.

Fino Payments Bank clarifies on investigation scope and media reports

Business Desk — Mon, 16 Mar 2026 06:45:27 +0000

Fino Payments Bank has issued a clarification regarding recent media reports about an alleged expansion of a probe involving the bank. The bank emphasised that it is not under investigation by any authority other than the Directorate General of GST Intelligence (DGGI), Hyderabad.

The ongoing investigation by the DGGI pertains to certain programme managers and merchants associated with multiple banks, including Fino Payments Bank. The bank clarified that the investigation is not related to its GST compliance. Furthermore, the bank addressed inaccuracies in media reports, stating that references to court proceedings, such as the rejection of bail, are incorrect.

Fino Payments Bank also reiterated that it does not engage in or promote any gaming or betting activities, directly or indirectly, through any platform, website, or channel. The bank remains committed to maintaining high standards of governance, regulatory compliance, and transparency, and continues to cooperate fully with relevant authorities.

The bank assured stakeholders that it will continue to engage constructively with regulators and make appropriate disclosures in line with applicable laws and regulatory requirements.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

This article is written by Business Desk and reviewed by Aman Shukla before publication.

Fino Payments Bank achieves highest ever total deposit balance of Rs 2,900 crores

Business Desk — Sat, 14 Mar 2026 09:29:30 +0000

Fino Payments Bank has reached a significant milestone by recording its highest ever total deposit balance of approximately ₹2,900 crores as of March 13, 2026. This achievement underscores the growing trust and engagement of customers with the bank’s services.

The bank reported a nearly 9% growth in deposit balances over the past two weeks, culminating in this record figure. Additionally, Fino Payments Bank has opened approximately 1.5 lakh new banking accounts since February 27, 2026, averaging nearly 10,000 new accounts per day.

The bank attributes this growth to its simple, secure, and technology-enabled banking services, underpinned by a new core banking platform that facilitates seamless banking experiences. Through its merchant-led phygital banking model, Fino Payments Bank continues to expand its reach, providing convenient access to formal banking services to underserved and underbanked communities across Bharat.

The bank expressed gratitude to its customers, business associates, and business correspondent network for their continued support. Fino Payments Bank remains committed to strengthening financial inclusion and making banking services accessible and reliable across Bharat.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

This article is written by Business Desk and reviewed by Aman Shukla before publication.

Fino Payments Bank appoints Ketan Merchant as interim CEO

Business Desk — Sun, 08 Mar 2026 04:34:32 +0000

Fino Payments Bank has received approval from the Reserve Bank of India (RBI) for the appointment of Mr. Ketan Merchant as the interim CEO. The approval, communicated through a letter dated 6th March 2026, is effective from 27th February 2026. Mr. Merchant will serve in this role for a period of three months or until Mr. Rishi Gupta resumes office, whichever is earlier.

The appointment of Mr. Merchant comes amid a reassessment of Mr. Gupta’s fit and proper status by the Nomination and Remuneration Committee (NRC) and the Board of Directors. The RBI’s decision will also play a crucial role in determining Mr. Gupta’s return to his position. The bank has assured stakeholders that this disclosure is available on its official website for further reference.

Fino Payments Bank, headquartered in Navi Mumbai, continues to operate under the regulatory framework of the SEBI Listing Obligations and Disclosure Requirements. The bank’s management has expressed confidence in Mr. Merchant’s ability to lead during this interim period, ensuring continuity in operations and strategic initiatives.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

This article was generated by Business Desk and reviewed by News Desk before publication.

FINO Payments Bank shares rise nearly 2% as company’s Q1FY25 net profit jumps to Rs 24.3 crore

Aditya Bhagchandani — Thu, 01 Aug 2024 04:29:20 +0000

FINO Payments Bank’s shares saw a nearly 2% increase following the release of its first-quarter results for the fiscal year. The bank reported significant growth in profit and throughput, reflecting its robust performance.

Key Financial Highlights

Net Profit: ₹24.3 crore, up 30% from the previous year.
Total Throughput: ₹1,05,610 crore, marking a 39% increase year-over-year.
Average Deposits: Grew 37% to ₹1,699 crore.
New Bank Accounts: Added 8.1 lakh accounts, a 6% increase from the previous year.

Digital Business Growth

Digital Business Growth: Increased by 15% this quarter, up from 2% a year ago.
Investments: The bank has made substantial investments in digital enhancements, including:
- Revamped website.
- Updated Android and newly introduced iOS apps.
- Migration from a third-party application provider to an in-house application.

Market Performance

Shares Trading: As of 9:56 AM, shares were trading 1.23% higher at ₹324.05 on the NSE.

Fino Payments Bank to pursue Small Finance Bank license, aiming to expand services and offer lending

Viditha Ganji — Fri, 28 Jul 2023 13:37:45 +0000

Fino Payments Bank Ltd., a leading player in the financial inclusion space, has taken a significant step towards expanding its services as it announced its intention to transition into a small finance bank. The decision was approved by the bank’s board, making it the first entity to move towards becoming a small finance bank since the Reserve Bank of India (RBI) opened the doors for such transitions in 2019. However, the move is subject to fulfilling all regulatory requirements, as stated in the exchange notice released on Friday.

According to the RBI’s guidelines for this transition, a payments bank must have completed five years of operations and possess a net worth of at least Rs 200 crore. In case the payments bank falls short of the required net worth, the guidelines permit capital arrangements to raise it to the threshold within 18 months of receiving an in-principle approval for transition from the RBI.

Fino Payments Bank commenced operations after obtaining a license from the regulator in 2017. Remarkably, in 2020, it became the first payment bank to turn profitable. In the quarter ended June 30, the bank reported a net profit of Rs 18.7 crore, representing an 85% year-on-year increase. However, compared to the previous quarter, the net profit experienced a decline of 15%. As of June 30, the bank held deposits worth Rs 1,221 crore. The bank’s capital adequacy ratio stood at 78.09%, down from 106.02% a year ago.

As a specialized entity licensed by the RBI, payments banks are not authorized to lend money to customers. Instead, they can offer savings and current account deposits. Initially, the RBI limited payment banks to accept deposits of up to Rs 1 lakh from each customer, which was later raised to Rs 2 lakh per customer. Additionally, these banks are mandated to invest up to 75% of the deposits they collect in government securities.

Transitioning to a small finance bank will enable Fino Payments Bank to extend lending services to its customer base directly from its balance sheet, a significant milestone in its growth trajectory. Moreover, it will allow the bank to attract higher customer deposits and invest in other securities.

Established as a technology company in 2006, Fino Payments Bank has been a pioneer in promoting financial inclusion in India. The move towards becoming a small finance bank aligns with the bank’s objective of providing enhanced financial services to a broader customer base. In an exchange notice, the bank revealed that its board received a proposal for group corporate restructuring from its holding company, Fino Paytech Ltd. In response, the bank’s board has formed a committee to explore the possibilities of this restructuring.

Fino Payments Bank’s pursuit of a small finance bank license demonstrates its commitment to evolve and adapt to the changing financial landscape while empowering customers with a wider array of banking services. The move is expected to bolster financial inclusion efforts in India and foster greater access to credit and investment opportunities for customers across the nation.

Stocks To Watch Today: Ambuja Cements, Tata Steel, Fino Payments Bank, Home First Finance

Markets Desk — Wed, 03 May 2023 01:25:57 +0000

The SGX Nifty signals a weak start for the Sensex, Nifty today. Cues from US markets too remained negative as Dow Jones, S&P 500 and Nasdaq ended in the red on Tuesday. Markets in India continued to gain higher on the back of positive earnings growth so far and solid foreign institutional flows.

Top stocks to watch today are Ambuja Cements, Tata Steel, Fino Payments Bank, Home First Finance, besides others.

Ambuja Cements: Shares of Ambuja Cements will be in focus today as the company posted a strong set of earnings and beat analyst and street estimates. The cement maker’s revenue came in at Rs 4,256 crore against a CNBC-TV18 poll of Rs 4,165 crore.

Tata Steel: Tata Steel on Tuesday posted a strong set of Q4 numbers with its revenue coming in at Rs 62,961 crore against a CNBC-TV18 poll of Rs 58,962 crore. The company’s profit after tax grew to Rs 1,556 crore against an estimated profit of Rs 873 crore for the quarter. Besides, Tata Steel’s net debt decreased by Rs 3,900 crore to Rs 67,810 crore.

Fino Payments Bank, Home First Finance and others will be the stocks in focus today on the back of their Q4 earnings.

Fino Payments Bank posts 35.5% rise in Q3 profit

Aryan Jakhar — Thu, 02 Feb 2023 15:04:41 +0000

Fino Payments Bank posted a net profit of ₹19.1 crore for the three months ending December, increasing 35.5% over the previous year.

Its net sales increased 16.8% year on year (y-o-y) to ₹100.8 crore in the December quarter of FY23, while earnings before interest, taxes, depreciation, and amortisation (Ebitda) increased 50% year on year (y-o-y) to ₹38.9 crore.

The bank reported that total deposits increased 66% year on year, from ₹589 crore on December 31, 2021 to ₹976 crore on December 31, 2022. It has 6.7 million total accounts as of December 31, 2022, with 36% of them engaged on digital payments.

The bank enabled transactions totaling ₹65,926 crore in Q3 FY23, with its physical network alone processing ₹52,500 crore.

According to Rishi Gupta, CEO of Fino Payments Bank, the December quarter continued to display continuous success despite the current macroeconomic problems.

“Our growth and profitability-led approach is yielding good dividends. The strategic focus on customer acquisition is working well and this in my view is a corner stone of our future success,” Gupta said.

Gupta stated that the bank will enhance its franchise, expand its digital and technology products, and focus on partnerships for growth and profit generation in the future.

Fino Payments Bank is a subsidiary of Fino Paytech, which is supported by a number of investors including Bharat Petroleum, ICICI Group, Blackstone, IFC, Intel, and LIC.

Fino Payments Bank partners with Go Digit General Insurance to offer shop insurance policy

News Desk — Thu, 09 Jun 2022 08:45:10 +0000

Fino Payments Bank Limited (“Fino Bank” or “The Bank“) announced today that it has partnered with Go Digit General Insurance Limited, one of India’s fastest growing general insurers, to provide small and medium business owners with shop insurance policies. Fino works as a corporate agent for Go Digit.

The collaboration will allow small and medium-sized businesses to take advantage of Digit’s My Business Policy in the event of a disaster. The one-year policy will cover loss or damage to inventory or stock caused by burglary, earthquake, fire, lightning, storm, flood, and riots, among other things. The policy will also include built-in coverages such as money in a safe, money in transit, and so on.

Fino Bank’s strong customer base and well-established merchant network include many small and medium-sized businesses. Customers of Fino Bank will be able to enrol in the Go Digit policy for an annual premium of Rs 550 (for a sum insured of Rs 3 lakh), which will increase to Rs 2,600 in the future (for a sum insured of Rs 15 lakh). Shopkeepers can enrol in Digit’s My Business Policy (shop insurance policy) in real time, using a paperless process, based on their needs.

Innovation is an Integral part of Fino Bank

Major Ashish Ahuja, Chief Operating Officer, Fino Payments Bank said. “Innovation through partnerships is an integral part of Fino Bank’s ethos. Along with our own products, we bring partner offerings for the benefit of our customers. Who are largely under banked and do not have access to relevant financial products. Digit’s My Business Policy (shop insurance policy) takes forward our already existing association with Digit Insurance. And is a step in the right direction to offer financial security to small business owners through our extensive distribution network. The technology platforms of both companies will make buying insurance. As well as filing and settling claims a seamless experience for our customers.

Fino Payments Bank partners

Nalini Venkat, Head – Institutional Business, Digit Insurance said. “The benefits of insurance haven’t fully reached smaller cities given the lack of access to the right products. Fino Bank’s extensive rural distribution network will give us an opportunity to take our insurance offerings to these under-penetrated markets. Digit’s quick quote generation, instant policy issuance and tech-enabled claims assessment will give shopkeepers a seamless experience. Our product offers comprehensive coverage to both inventory and contents of the shop. We believe our association with Fino Bank will foster the shopkeepers’ ecosystem and bridge the insurance gap in smaller cities and towns more effectively.”

In collaboration with Digit, the bank, which has nearly 4.6 million customers, already offers motor and group health insurance. The local kirana store, medical shop, dairy outlet, or mobile repair shop are examples of Fino merchant points. They are crucial in the adoption and utilisation of digital banking services. Fino has a network of over 10.2 lakh own and partner network points as local bankers across the country.

Customers can open new bank accounts, deposit and withdraw cash. As well as make money transfers, and pay bills at these local banking locations. Third-party offerings such as gold loans, general insurance, and loan EMIs are also available.

RBI approves Fino Bank & Suryoday Small Finance Bank partnership to offer FD & RD services

Keertiman Upadhyay — Wed, 20 Apr 2022 15:02:45 +0000

The Reserve Bank of India (RBI) approved Fino Payments Bank to offer Fixed Deposit (FD) & Recurring Deposit (RD) services of the partner bank. Fino Bank will carry out referral services as a business correspondent of Suryoday Small Finance Bank.

This is the second partnership between Fino Bank and Suryoday Bank. Earlier, Fino partnered with Suryoday to offer a sweep account facility to its customers to address the Rs 1 lakh end of the day deposit limit, the limit was later revised to Rs 2 lakh.

Fino Bank will offer the referral services of FD and RD to its over 3.9 million customers. Fintech expects the service to be launched in the second quarter of FY23.

“Fino’s objective is to be a one stop shop for all banking related products and services. Continuous product innovation, either own or through partnerships, is one of the core pillars of our model. Term deposits are great financial planning and security instruments. We believe the addition of fixed and recurring deposits to our existing range of offerings will further enhance customer engagement and experience. We are pleased to partner with Suryoday SFB to offer these products and further strengthen our already existing association,” said Major Ashish Ahuja, the Chief Operating Officer of Fino Payments Bank.

Fino Bank also plans to commence international remittance services with a partner as it has already received RBI’s approval for the same in January 2022.