Fino Payments Bank is now a scheduled bank

Mumbai: Having made its mark as a profitable payments bank, Fino is now a scheduled commercial bank. RBI has announced through a notification issued dated 22 February 2021 that Fino Payments Bank has been included in the Second Schedule to the Reserve Bank of India Act, 1934. (

The scheduled commercial bank (also called as scheduled bank) status allows Fino Payments Bank to enhance its banking position in the treasury and participation in LAF (Liquidity Facility) window as per the RBI. It also helps the bank strengthen its business proposition on liabilities generation.

Terming the development as a reiteration of the bank’s robust processes, Mr. Rishi Gupta, MD & CEO, Fino Payments Bank said, “We are extremely thankful to the central bank for the inclusion of Finoin the second schedule. It provides strategic impetus for Fino Payments Bank to enhance its scope on balance sheet management and explore additional avenues for business. We are keen to capitalise on the growth opportunities that exist within the regulatory guidelines and build on the momentum of consistent profitability achieved last fiscal.”

As a scheduled commercial bank, Fino Payments Bank will be better positioned to explore and manage government businesses. Mandates pertaining to pensions, provident funds and various welfare schemes under direct benefit transfer (DBT) will help enhance Fino’s foot print in the financial inclusion space. Also, increased visibility on the government websites strengthens the customers’ bond with the bank.

It may be noted that during the lockdown in mid-2020 Fino Payments Bank’s micro ATM and AePS enabled merchant network played a critical role in making banking facilities available to DBT beneficiaries in Tier 4, 5 and 6 locations.

Started in 2017, Fino Payments Bank achieved profitability in FY20 and since then for the past four continuous quarters, the bank’s tech-enabled network model has been driving sustained quarter by quarter PAT growth in excess of 43%. Scalability and asset light nature of the business is resulting in business growth and profitability.

With around 70% of its phygital network present in rural / semi urban areas, Fino’s last mile reach facilitates ease of access, convenience and neighbourhood banking services to millions of its own as well as other bank customers.

Currently, the bank’s asset light distribution network has over 5.5 lakh own and partner points.


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