Fino Payments Bank Share Price Live

History of Fino Payments Bank Limited 

Incorporated in 2007, Fino Payments Bank Limited offers financial services. They help customers to open bank accounts, transfer money and more.  

The company was originally named Fino Fintech Foundation. They started as a payments technology company, later making financial inclusion their primary business. In 2008, they launched several Direct Benefit Transfer (DBT) services. In 2011, Fino Fintech Foundation started the lending business. In 2014, they started domestic money transfer services. In the next year, they entered into the retail business through the Fino Money Market. 

In 2017, the name of the company was changed to Fino Payments Bank. In 2021, the company released its IPO, becoming the first payments bank in India to get listed on the stock exchanges. In the next year, the company expanded rapidly, and they introduced an online account opening facility via their mobile app, FinoPay. In the same year, Fino Payments Bank crossed revenue of ₹1,000 crore.  

Fino PayTech Limited is Fino Payments Bank’s exclusive promoter, which specialises in offering technology-based solutions and services for financial inclusion. They offer various banking services, such as Cash Management Services (CMS), Digital Savings Account, Micro ATM/ Aadhaar enabled  Payment System (AePS), Mobile banking, Referral Loans, Fixed Deposit services, Remittance and Insurance like Life, Health, Motor and Shopkeeper. 

The bank has partnered with several banks and financial institutions to offer various financial services. They partnered with Suryoday Small Finance Bank Ltd to offer fixed deposits, and multiple Non-Banking Financial Companies (NBFC) like Ekagrata Finance Private Limited, Muthoot Finance Limited, Riviera Investors Private Limited, IIFL Finance Limited, EPI Money Private Limited and Davinta Financial Services Private Limited to offer loan referral services. 

As of March 2023, the company has 1 corporate office and 13 regional offices. Approximately 7,40,000 bank accounts were opened in every quarter of the financial year. The FinoPay app has about 5,70,000 monthly average users. They had ₹1,200 crore of total deposits. 

Business Segments of Fino Payments Bank Limited 

The main business segments of the bank are as follows:

• Personal Banking: Under this segment, the bank offers banking services, such as savings accounts, money transfers, current accounts, insurance, debit cards, fixed deposits, etc. They also offer UPI payment services, WhatsApp Banking, FASTag service, Aadhar Seeding, etc. 
• Merchant Banking: Under this segment, merchants can register on Fino Payments Bank and avail business banking services, such as domestic money transfer, international money transfer, current accounts, savings accounts, cash management services and more. 

As of March 31, 2023, there are no subsidiaries of Fino Payments Bank Limited. 

Key Personalities of Fino Payments Bank Limited

Rishi Gupta, Managing Director and Chief Executive Officer

Rishi Gupta is the Managing Director and Chief Executive Officer of Fino Payments Bank Limited. He is the founding member of Fino PayTech Limited and of the Business Correspondent Federation of India (BCFI). He also served as the Economic Affairs Committee’s Chairman. Before joining Fino PayTech Limited, he worked with International Finance Corporation, ICICI Bank Limited and Maruti Udyog Limited.