Fino Paytech to launch payment bank, targets high domestic remittance areas

Fino Paytech to launch payment bank in Maharashtra, Madhya Pradesh, Uttar Pradesh and Bihar with 400 branches in the initial phase

New Delhi: In an attempt to expand their consumer base and carve out their own individual identity , Fino Paytech—one of the entities to receive in-principle approval from the Reserve Bank of India (RBI)—will focus on areas having maximum domestic remittances to extend its banking services.

Fino, which is expected to launch its payment bank operations soon, will provide services like basic banking products such as withdrawal and deposits as well as third-party products like insurance and remittances while continuing to serve their primary responsibility of a technology-solution provider and banking correspondent (BC) to other banks.

With a target of opening 400 bank branches across 30 cities on its opening day, Fino will also provide the basic services of account opening and cash withdrawal in additional 15,000 access points outside these branches.

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