News

India sees new payment bank launched, Fino Payments Bank

Monday 24 July 2017 09:10 CET | News

Fino Payments Bank has become India’s fourth payments bank, joining Airtel, India Post and Paytm.

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.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Fino Payments Bank, India, Reserve Bank of India, remittance, mobile banking, ICICI Group
Categories: Banking & Fintech
Companies:
Countries: World
This article is part of category

Banking & Fintech