FINO PAYMENTS BANK END FY20 WIT POSITIVE EBITDA WITH Q4 PROFITS

Fino Payments Bank Limited (FPBL) announced that it turned profitable at the operating level for the financial year 2019-20. This feat is achieved within three years of the bank starting operations in July 2017.This makes FPB the only standalone profitable payments bank that works solely on RBI's financial inclusion objective by improving banking access predominantly in rural India.

For FPB domestic remittance (urban to rural) transaction accounted for over 40% of the FY 19-20 through put,making the bank a top five player in the IMPS business. Further ,FPB transformed the rural banking landscape by facilitating micro ATM and AePS led digital transaction (withdrawals), which contributed to over 30% to the business. As more people experienced the convenience of banking from Fino platforms, the Bank's CASA customers base increased by over 65% in FY 19-20.

Sandip Ginodia , Director

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