Fino Payments Bank Seeks SFB Licence From RBI After Board’s Agreement

Fino Payments Bank Seeks SFB Licence From RBI After Board’s Agreement

SUMMARY

In July 2023, Fino Payments Bank’s board approved the proposal to apply for a Small Finance Bank (SFB) license 

Fino has around INR 600 Cr of net worth, while the minimum capital requirement for small finance banks is INR 200 Cr at present

The bank turned profitable in the fourth quarter of 2019‐20 and has been profitable in subsequent quarterly periods

Fino Payments Bank, a subsidiary of FINO PayTech Limited, has applied for a small finance bank (SFB) license with the Reserve Bank of India (RBI).

In a statement on Monday (January 8), the RBI mentioned that it had received an application from Fino Payments Bank under the “Guidelines for on-tap licensing” of SFBs.

No results were found for "".
  • «
  • 1
  • »
modal lock

Continue Reading With A Free Inc42 Account

Get the most out of your Inc42 experience by creating a free account. Enjoy personalized recommendations, ad-lite browsing, and access to our exclusive newsletters.