India sees new payment bank launched, Fino Payments Bank

The bank was originally set up as a domestic remittance and paytech company in 2006, receiving the authorisation from the Reserve Bank of India (RBI) to operate as a bank in March 2017. The bank uses Profile from FIS, delivered on a hosted basis, the same system and set-up being already used by other Indian banks, including North East Small Finance Bank and Bharatiya Mahila Bank. It goes live with 410 branches and more than 25,000 banking points.

The bank will offer a wide range of products and services, including current and savings accounts, remittances, lending, mobile banking, life and general insurance and bill payments.

Fino Payments Bank is backed by ICICI Group, Bharat Petroleum, Blackstone, International Finance Corporation (IFC), Corporation Bank, Union Bank of India, and Indian Bank.