Money & Banking

Fino Payments Banks expects to open 2.4 lakh new accounts in Q1

?OUR BUREAU Mumbai | Updated on June 22, 2020 Published on June 22, 2020

Fino Payments Bank, on Monday, said it expects to end the first quarter of FY21 with 2.4 lakh new accounts and an overall customer base of 20 lakh.

It has already opened more than 2 lakh full KYC CASA accounts from April to mid-June amid the pandemic.

“The newly opened accounts will further help increase transactions and improve footfalls at Fino points,” it said in a statement.

About 80 per cent of the new accounts are savings while 20 per cent are current accounts, it further said, adding that over 90 per cent of the accounts are from rural India, driven largely by the over 2.5 crore people who banked at Fino points during this period.

“In addition to Fino’s own customer base, the bank’s network of over 4 lakh points provide services to over 2 crore banking customers every month,” it said.

The bank’s network, 80 per cent of which is in rural areas, facilitates more than 3.5 crore transactions valued at over $1 billion per month.

Shailesh Pandey, Chief Sales Officer, Fino Payments Bank, said: “A significant number of people who opened accounts have experienced digital banking and availability of cash at our points. Also, outreach through digital and social-media channels helped connect with millennials who form more than 50 per cent of our new customers.”

Published on June 22, 2020
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