FINO PayTech: Difference between revisions
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'''Fino PayTech''' is a | '''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, and currently has a customer base of over 20 million. It has a network of 10,000 agents across 22 states and 266 districts in the country. <ref>{{Cite news|url=https://www.wsj.com/articles/SB10001424052702303544604576432490529447566|title=Blackstone Acquires Fino Stake for $34 Million|last=Shahsneha|first=Sneha|date=2011-07-08|work=Wall Street Journal|access-date=2017-06-24|language=en-US|issn=0099-9660}}</ref> <ref>{{Cite news|url=http://knowledge.wharton.upenn.edu/article/fino-shows-a-low-cost-way-out-of-indias-microfinance-mess/|title=FINO Shows a Low-cost Way Out of India's Microfinance Mess - Knowledge@Wharton|work=Knowledge@Wharton|access-date=2017-06-24|language=en-US}}</ref> | ||
In April 2017, | In April 2017, NABARD entered into a partnership with Fino Paytech to facilitate the rural bank digitization drive in the states of Haryana, Madhya Pradesh, Bihar, Gujarat, and Maharashtra. The company will be providing over 5,000 Aadhaar-enabled micro ATMs and financial inclusion gateway services to district central cooperative (DCC) banks and Primary Agricultural Credit Societies (PACS) across these states, as per the deal.<ref>{{Cite news|url=http://knowledge.wharton.upenn.edu/article/mobile-money-india-digitalization-follow-demonetization/|title=Mobile Money in India: Does Digitalization Follow Demonetization? - Knowledge@Wharton|work=Knowledge@Wharton|access-date=2017-06-24|language=en-US}}</ref><ref>{{Cite news|url=http://economictimes.indiatimes.com/industry/banking/finance/banking/fino-paytech-to-help-nabard-digitise-rural-banks-across-5-states/articleshow/58238442.cms|title=Fino Paytech to help Nabard digitise rural banks across 5 states|last=Bhakta|first=Pratik|date=2017-04-18|work=The Economic Times|access-date=2017-06-16}}</ref> | ||
==Payments Bank== | ==Payments Bank== | ||
The company has | The company has received final approval from the Reserve Bank of India (RBI) to establish a Payments Bank under the name "Fino Payments Bank".<ref>{{Cite web|url=https://www.ft.com/content/56587a48-57f9-11e6-9f70-badea1b336d4|title=Subscribe to read|website=Financial Times|access-date=2017-06-24}}</ref> <ref>{{Cite news|url=https://www.bloombergquint.com/business/2017/04/04/idea-cellular-gets-set-to-take-on-airtel-with-its-own-payments-bank|title=Idea Cellular Gets Set To Take On Airtel With Its Own Payments Bank|work=Bloomberg Quint|access-date=2017-06-24|language=en}}</ref><ref>{{Cite news|url=http://www.livemint.com/Industry/3Pa8co04rbkkNOZAka66rK/Fino-Paytech-to-launch-payment-bank-targets-high-domestic-r.html|title=Fino Paytech to launch payment bank, targets high domestic remittance areas|last=Roy|first=Suranjana|date=2017-02-16|work=http://www.livemint.com/|access-date=2017-06-16}}</ref> The payments bank is expected to be operational in the fourth quarter of 2017. It is designed to be a completely paperless bank. <ref>{{Cite news|url=http://www.business-standard.com/article/finance/fino-paytech-eyes-payment-bank-launch-by-q4-of-fy17-116101500375_1.html|title=Fino Paytech eyes payment bank launch by Q4 of FY17|last=Dave|first=Vinay Umarji & Vimukt|date=2016-10-15|work=Business Standard India|access-date=2017-06-16}}</ref> | ||
==Investors== | ==Investors== | ||
Fino Paytech | Fino Paytech has raised ₹400 crore from various investors, including Bharat Petroleum, Corporation Bank, ICICI Bank, ICICI Lombard, International Finance Corporation, Indian Bank, Intel Capital, LIC, Union Bank, and The Blackstone Group. <ref>{{Cite news|url=http://www.livemint.com/Industry/8OOlNgJlcOdCeQw1pnydTK/Fino-Paytech-raises-Rs149-crore-from-ICICI-Banks-insurance.html|title=FINO Pay Tech applies for final licence of payments bank|last=Sharma|first=Sahib|date=2017-01-11|work=http://www.livemint.com/|access-date=2017-06-16}}</ref> | ||
==See also== | ==See also== | ||
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[[Category:Banks of India]] | [[Category:Banks of India]] | ||
[[Category:Banks headquartered in Mumbai]] {{⚠️🚨COPIED from en.EverybodyWiki.com ❗❕⚠️😡😤Please respect Licence CC-BY-SA ❗}} | [[Category:Banks headquartered in Mumbai]] {{⚠️🚨COPIED from en.EverybodyWiki.com ❗❕⚠️😡😤Please respect Licence CC-BY-SA ❗}} | ||
{{Source Wikipedia}} | {{Source Wikipedia}} | ||
Latest revision as of 18:00, 18 March 2025
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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, and currently has a customer base of over 20 million. It has a network of 10,000 agents across 22 states and 266 districts in the country. [2] [3]
In April 2017, NABARD entered into a partnership with Fino Paytech to facilitate the rural bank digitization drive in the states of Haryana, Madhya Pradesh, Bihar, Gujarat, and Maharashtra. The company will be providing over 5,000 Aadhaar-enabled micro ATMs and financial inclusion gateway services to district central cooperative (DCC) banks and Primary Agricultural Credit Societies (PACS) across these states, as per the deal.[4][5]
Payments Bank
The company has received final approval from the Reserve Bank of India (RBI) to establish a Payments Bank under the name "Fino Payments Bank".[6] [7][8] The payments bank is expected to be operational in the fourth quarter of 2017. It is designed to be a completely paperless bank. [9]
Investors
Fino Paytech has raised ₹400 crore from various investors, including Bharat Petroleum, Corporation Bank, ICICI Bank, ICICI Lombard, International Finance Corporation, Indian Bank, Intel Capital, LIC, Union Bank, and The Blackstone Group. [10]
See also
This article "FINO PayTech" is from Wikipedia. The list of its authors can be seen in its historical. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
- ↑ "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.
- ↑ 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)
