Abhishek Securities

  Focusing on high margin verticals in the face of the pandemic-related setbacks on the mainstay remittances business helped  Fino Payments Bank  deliver handsome operating profit in the  June quarter , a top company official said on Thursday. The unlisted entity recorded an operating profit of Rs 11 crore in the first quarter, as against a loss of Rs 3.5 crore in the year-ago period, despite the shutdown, migrants moving back to their hometowns from cities and a gradual recovery towards the end, its MD and CEO Rishi Gupta said. Revenues were impacted and trended lower than the preceding quarter. "Remittances went down very sharply, but we benefited from  higher-margin developments like higher deposit accretion, micro  ATM and  cash management services ,  and Aadhaar-enabled  payments services ( AEPS )," Gupta told . When compared with March, the last three months have seen  an  increase of 20 per cent in deposits as people are sa...

Fino Payments Bank is planning to reach out to a majority of the villages in the State by expanding its ‘human ATM’ network on a large scale. The bank plans to set up 20,000 Fino Banking Points across the State by the end of the current fiscal, Fino Payments Bank (South) senior divisional head Biswajeet Sinha told the media during a video conference on Thursday. The Fino banking points provide entrepreneurship opportunities to the owners of kirana stores, mobile repair shops, dairy outlets and others as they act as 'human ATMs' and provide banking services to the customers, he said. “We are planning to have our presence felt in every village of the State which has over 17,000 panchayats,” he said. In view of the pandemic, Fino has undertaken initiatives that proved beneficial for the rural masses with extensive banking equipped with micro ATMs and Aadhaar enabled payment system (AePS) devices, Mr. Sinha said. “We focus on three critical elements, including improvement of access...

Fino Payments Bank plans to double the value of its gold loan sourcing business in the current fiscal and will partner with banks and NBFCs to source gold loans on their behalf. It plans to carry out over  ₹ 2,000 crore of gold loan referral business this fiscal, said Amit Jain, Head (Alliances and PMO), Fino Payments Bank. In FY20, it had facilitated gold loan sourcing worth  ₹ 1,000 crore as a corporate business correspondent for a leading bank. More than 30,000 customers availed the service, with the average ticket size ranging from  ₹ 50,000 to over  ₹ 5 lakh. “Fino is in talks with a few leading NBFCs to unlock the gold loan potential by leveraging its extensive retail network,” it said in a statement on Tuesday. The bank’s retail network of over 2.25 lakh points comprising branches and merchants will also facilitate gold loan referral, along with a range of banking services. The network also includes more than 8,000 outlets of the bank’s strategic partner Bhara...