Money & Banking

Fino Payments Bank eyeing 1 lakh touch-points: Gupta

KR Srivats New Delhi | Updated on January 11, 2018

Rishi Gupta, MD & CEO, Fino Payments Bank

Also to ramp up branch network to 1,000

Fino Payments Bank, which recently went live, plans to increase its touch-points to one lakh from the existing 25,000 in the next 3-5 years, Rishi Gupta, Managing Director and CEO, said.

During the period, the bank also plans to take its branch network from the current 410 to 1,000, Gupta told BusinessLine.

Fino is the fourth payments bank to be launched in India. The others are Airtel Payment Bank, Paytm Payments Bank and India Post Payments Bank.

Gupta also said that Fino Payments Bank would soon start rolling out ATMs.

Fino is the first payments bank to go live with 410 branches and over 25,000 touch-points on day one itself. Launched in 2006 as a domestic remittance and pay-tech company, Fino in March 2017 received RBI authorisation to operate as a bank.

The immediate priority is to stabilise the operations of the payments bank, bring the culture of customer service within the bank and get new products launched, he said.

“Banking is not a 100 meters race, it is a marathon. We have to build the right culture, have the right technology and right systems,” Gupta said. The focus is to get the right execution, he added.

Fino Payments Bank, which has adopted the phygital (both physical and digital) model, is looking to break-even by 2020, Gupta said.

Thebank also plans to offer mutual funds in the next quarter. It is already selling insurance through its platform.

Published on July 30, 2017

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