Newz Desk, Durgapur: Fino Payments Bank Ltd. has received an in-principle approval from the Reserve Bank of India (RBI) to transition into a Small Finance Bank (SFB), marking a major milestone in its expansion plans.
Announcing the development on Friday, the bank said the approval reflects the regulator’s confidence in its business model and operational track record.
Rishi Gupta, Managing Director and CEO of Fino Payments Bank, said the move underscores the bank’s consistent growth and its focus on technology-driven financial inclusion. “The ‘in-principle’ approval is a testament to our consistent performance, our ability to deliver technology-led banking solutions to underserved segments, promote digital payments, and maintain strong regulatory compliance,” he said.
As a Payments Bank, Fino has built a vast network of digital and assisted banking touchpoints. Converting into an SFB will allow it to expand its product portfolio, including offering small loans—something Payments Banks currently cannot do.
The RBI’s ‘in-principle’ approval is valid for 18 months, during which Fino must meet all regulatory requirements before commencing operations as a Small Finance Bank
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