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Fino Payments Bank applies for SFB licence

Business Standard  

Fino Payments Bank has applied to the Reserve Bank of India (RBI) for a licence to become a Small Finance Bank (SFB).Payments banks are allowed to apply for a conversion into SFB post five years of operations besides meeting other guidelines mandated by the RBI. The bank must also have a minimum paid-up voting equity capital or net worth of INR 200 crore.During the July-September quarter of FY24, the net profit of the bank had increased by 41.5 % (Y-o-Y) to INR 19.5 crore. The revenue increased by 18.2 % to INR 358.6 crore.