Fino 1st payments bank to get RBI nod to turn SFB

Fino Payments Bank (Fino) has become the first such entity to get an in-principle approval from the Reserve Bank of India (RBI) to transition into a small finance bank (SFB).

- AJINKYA KAWALE Mumbai, 5 December

The transition will allow Fino to accept larger deposits, provide loans and credit facilities to individuals and small businesses, and expand its customer base and services, which are currently restricted for payments banks. The in-principle approval comes nearly two years after Fino applied for a licence to become an SFB. Fino had applied for the licence under the RBI's guidelines for "on tap" licensing of private sector SFBs.