Fino Payments Bank to apply for small finance bank licence
₹18.7 crore, up 85% year-on-year. However, profit declined 15% sequentially.
The Mumbai-based bank said its revenue increased 21% year-on-year to ₹348 crore. It facilitated transactions worth ₹75,000 crore, of which more than ₹18,000 crore were processed by its digital network alone.
As of 30 June, the bank's total current and savings accounts (CASA) stood at 82.9 lakh worth ₹1,221 crore deposits. Initially, payment banks were allowed to accept deposits of up to ₹1 lakh per customer, but the limit has been now raised to ₹2 lakh.
Rishi Gupta, CEO and managing director, said, “We intend to supplement payments bank business with lending to known customers through enhancement of license. Our opportunity to grow by transiting to SFB is significant on the back of optimal leveraging of our widespread network to cater the unmet credit demand of our merchants and customers." “Our SFB will be a Payments Bank++ model, different from existing players wherein the fee-based income will constitute 75% - 80% to the revenue in first few years of operation," added Fino Bank CFO Ketan Merchant.
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