Acquisitions5 Dec 2025, 07:41 pm
Fino Payments Bank Receives 'In-principle' Approval from RBI to Convert into a Small Finance Bank
AI Summary
Fino Payments Bank Ltd has received an ‘in-principle’ approval from the Reserve Bank of India (RBI) for conversion from a Payments Bank to a Small Finance Bank. This makes Fino the first Payments Bank to receive such an approval. The approval is a testament to Fino’s commitment, innovation, and focused execution of its mandate. It also indicates belief in Fino’s ability to realise its growth potential in a responsible manner and its readiness to move up the value chain as a one stop shop for customers for all their banking needs.
Key Highlights
- Fino Payments Bank Ltd has received 'in-principle' approval from the Reserve Bank of India (RBI) for conversion from a Payments Bank to a Small Finance Bank.
- Fino is the first Payments Bank to receive 'in-principle' approval to become a Small Finance Bank.
- The approval is a testament to Fino’s commitment, innovation, and focused execution of its mandate.
- The conversion will allow Fino to expand its product suite, engage with a wider customer segment, foray into lending, and build a strong liability franchise.
- Fino is currently operating as a Payments Bank and will continue to do so until final approval is granted and SFB operations commence.