FINO PayTech Limited
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| Private company | |
| ISIN | 🆔 |
| Industry | Banking & financial services |
| Founded 📆 | 2006 |
| Founder 👔 | Rishi Gupta[1] |
| Headquarters 🏙️ | , , |
Area served 🗺️ | |
Key people |
|
| Products 📟 | Payments Bank |
| Members | |
Number of employees | |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
Fino PayTech is a payments and fintech company based in Mumbai. It provides end to end customer sourcing and servicing solutions to the banking sector. Fino's products include savings bank accounts, loans, recurring deposits, remittances, insurance and government disbursements. The company is also an active micro lender in India, it currently has a customer base of more than 20 million. It has a network of 10,000 agents across 22 states and in 266 districts in the country. [2] [3]
In April 2017, NABARD entered in a partnership with Fino Paytech to facilitate the rural bank digitization drive[4] in the states of Haryana, MP, Bihar, Gujarat and Maharashtra. The company will be providing over 5000 Aadhaar enabled micro ATMs and financial inclusion[5] gateway services to district central cooperative (DCC) banks and Primary Agricultural Credit Societies (PACS) across these states as per the deal.[6]
Payments Bank[edit]
The company has secured the final approval from the Reserve Bank of India (RBI) to set up a Payments Bank[7] [8] under the name "Fino Payments Bank".[9] The payments bank is expected to be operational by fourth quarter of 2017. It is said to be a completely paperless bank. [10]
Investors[edit]
Fino Paytech have raised ₹400 crores from various investors including Bharat Petroleum, Corporation Bank, ICICI Bank, ICICI Lombard, International Finance Corporation, Indian Bank, Intel Capital, LIC, Union Bank, and Blackstone Group. [11]
See also[edit]
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- ↑ "FINO PayTech: The people's bank | Forbes India". Forbes India. Retrieved 2017-06-16.
- ↑ Shahsneha, Sneha (2011-07-08). "Blackstone Acquires Fino Stake for $34 Million". Wall Street Journal. ISSN 0099-9660. Retrieved 2017-06-24.
- ↑ "FINO Shows a Low-cost Way Out of India's Microfinance Mess - Knowledge@Wharton". Knowledge@Wharton. Retrieved 2017-06-24.
- ↑ "Mobile Money in India: Does Digitalization Follow Demonetization? - Knowledge@Wharton". Knowledge@Wharton. Retrieved 2017-06-24.
- ↑ "Cyber security on top of India Inc's mind | Forbes India". Forbes India. Retrieved 2017-06-24.
- ↑ Bhakta, Pratik (2017-04-18). "Fino Paytech to help Nabard digitise rural banks across 5 states". The Economic Times. Retrieved 2017-06-16.
- ↑ "Subscribe to read". Financial Times. Retrieved 2017-06-24.
- ↑ "Idea Cellular Gets Set To Take On Airtel With Its Own Payments Bank". Bloomberg Quint. Retrieved 2017-06-24.
- ↑ Roy, Suranjana (2017-02-16). "Fino Paytech to launch payment bank, targets high domestic remittance areas". http://www.livemint.com/. Retrieved 2017-06-16. External link in
|work=(help) - ↑ Dave, Vinay Umarji & Vimukt (2016-10-15). "Fino Paytech eyes payment bank launch by Q4 of FY17". Business Standard India. Retrieved 2017-06-16.
- ↑ Sharma, Sahib (2017-01-11). "FINO Pay Tech applies for final licence of payments bank". http://www.livemint.com/. Retrieved 2017-06-16. External link in
|work=(help)
