Following the final nod from RBI in March 2017, Fino Payments Bank (referred hereinafter as ‘Bank’) has announced the launch of its operations with 410 branches going live across 14 states. The Bank was formally launched at an event by Ms. Chanda Kochhar, MD & CEO, ICICI Bank and Mr. D. Rajkumar, CMD, Bharat Petroleum Corporation Limited in presence of Prof. M.K. Chouhan, Chairman, Fino Payments Bank in esteemed company of reputed professionals from the BFSI sector.
Speaking at the launch Mr. Rishi Gupta, MD & CEO, Fino Payments Bank said, “Payments bank license couldn’t have come at a more opportune time for us when the digital payments and banking ecosystem is in place. We intend to make banking simple and convenient to millions of hardworking Indians through a mix of physical and digital platforms. As ingrained in our DNA, we will strategically leverage technology and partnerships to create a banking experience that is easy and everywhere for everyone.”
Ms. Chanda Kochhar, MD & CEO, ICICI Bank said: “We, at the ICICI Group, have always believed in creating new institutions and platforms– from credit rating agencies to exchanges– that are equipped to serve the needs of our growing economy. We have always been strong believers in utilising the power of technology and innovation to transform the way business is done and create new opportunities and goals that were hitherto unheard of. In line with this, the idea of Fino sprouted in ICICI Bank with the objective of addressing the gap in the banking system in terms of serving unversed individuals. It is wonderful to see that the idea has now become a tree, ready to spread its branches far and wide as a payments bank.
The creation of payments bank as a separate category is an important and visionary step by the regulator. In India, the rapidly growing market of mobile phones and mobile internet has democratised access to information, services and commerce. Fino Payments Bank is well positioned to reap the benefit of this mobile revolution. It has the advantage of getting support from ICICI Bank in terms of infrastructure, knowledge and products. Fino will have access to a wide range of ICICI Bank products like term deposits, retail loans including home loans, loans for JLGs and MSMEs, and cross border remittance services, among others. It has embarked on a journey of providing simple and convenient banking to at least 3 million customers in the first year of its operations.”
Mr. D. Rajkumar, Chariman & Managing Director, Bharat Petroleum Limited said, “Over the years, BPCL has always pioneered strategic initiatives, energizing the lives of millions of customers. With rapid transformation of the Indian economy and disruptions in the traditional business models, we view our association with Fino Payments Bank as an opportunity to participate in India’s compelling financial inclusion story. Fintech is at the threshold of an exponential growth, and we, as one of the largest oil majors in India will catalyze the process, leveraging our extensive geographical reach of more than 20,000 outlets as banking points.”
In addition to the 410 branches, Fino Payments Bank has created a network of 25,000 banking points, of which some are BPCL outlets, to gain access to remote geographies of the country. The Bank will offer full range of banking services, including current and savings accounts, remittances, BC lending, mobile banking through BPay app, life and general insurance and bill payments. The bank provides instant accounting opening and allows customers do banking anywhere, anytime and through any platform.
On the future plans for the Bank, Mr. Gupta said, “We plan to acquire 3-4 million customers in the first year with the aim of increasing it to 50 million with a deposit base of Rs. 100 billion in 5 years. We plan to build a network of over 100,000 points and 1,000 plus branches. We aim to become the first profitable payments bank following a multi-product, multi-platform and partnership strategy that adds tremendous value to our customers.”
“We believe that every Indian works relentlessly every single day. We not only recognize and respect this effort but will also reward it by providing financial security for every hardworking India which is resonated in our base line – Qadar Aapki Mehnat Ki!” further added Mr. Gupta.