Abhishek Securities

    Fino Payments Bank  which began producing income (post-tax) three quarters in the past, has began back-end planning to ultimately convert right into a small-finance financial institution (SFB). Enthused by the latest inside working group report that advocated permitting funds financial institution (PB) to transform to SFB after three years of operations from the present 5 years, Fino can also be trying to give stakeholder feedback to  RBI  on the difficulty. “These are progressive pointers we’re but to check this in additional particulars, there may be clearly uncertainty whether or not the ultimate pointers will take note of these strategies so we must wait and see on that however we’re this very positively,” stated  Rishi Gupta , CEO, Fino Funds Financial institution. The latest inside working group report of RBI on possession on personal banks had really useful decreasing the time for conversion from funds financial institution to  small finance...

  Fino Payments Bank, which began operations three years ago, is targeting a network of 10 lakh customer touchpoints by March 2023 and aims to convert itself to a small finance bank once it is eligible after completing five years, Rishi Gupta, its MD and CEO, told THE WEEK in an interaction. Fino Payments Bank, which counts private equity firm Blackstone, ICICI and oil marketer Bharat Petroleum among its investors, had commenced operations from July 2017. A payments bank can offer a plethora of products like payments and remittance services, small savings accounts, but not loans or credit cards, Fino Payments Bank has tied up with ICICI Bank to offer gold loans and it currently does around Rs 150 crore worth gold loans. It also has tie-ups with a few insurance companies to offer their insurance products to customers through its bank.  It is also exploring tie-ups with other banks and non-banking financial services companies to offer other merchants and consumer lending product...

  When the big boys of banking were hobbled by a lending moratorium, ICICI Group- and Blackstone-backed  Fino Payments Bank  recorded its first run of profits in consecutive quarters, riding the surge in  digital transactions  during the lockdown. Fino expects to complete Rs 60,000 crore worth of transactions in the first half of FY21, up 36% from Rs 44 000 crore in the same period last fiscal. Transaction volumes have surpassed pre-Covid levels, largely due to cash withdrawals in rural areas. As a result, the company posted a net profit for the second consecutive quarter in the three months to June of Rs 1.9 crore from a net loss of Rs 10.9 crore a year ago. March 2020 was the first time it posted a net profit of Rs 1.3 crore. "We have been beneficiaries of a surge in transactions during and post lockdown as banking services have been more localised and people in rural areas have accessed our network to access government cash transfers," said CEO Rishi Gupta. I...